Puerto Rico-based Acrecent Financial Corp., a commercial finance company, has received a majority (controlling) investment from Darby Private Equity, the private equity unit of Franklin Templeton Investments.
The investment was made by Darby ProBanco Fund II. The financial terms of the transaction were not disclosed.
The financing will allow the company to expand further into Central America.
Launched in Puerto Rico in 2003 and now present in other countries in the Caribbean, Acrecent is dedicated to providing businesses with the capital needed to acquire essential equipment and information technology.
It is led by CEO James P. Connor and President Raul H. Cacho.