Private equity firm Lovell Minnick Partners has acquired a majority interest in Charlotte, North Carolina-based Commercial Credit Group Inc., a commercial and equipment finance company focused on the fleet transportation, waste management, and construction industries, buying it from Falfurrias Capital Partners.
The amount of the transaction was not released. Proceeds from the transaction will be used to support the company’s future growth and provide liquidity to certain institutional shareholders. The senior management team will continue to have a significant ownership interest in the firm.
Founded in 2004 by Chief Executive Officer Dan McDonough, Commercial Credit Group is an independent specialty finance company that provides secured loans and leases for commercial and industrial equipment. Primary customers include small and mid-sized family-owned businesses in the transportation, waste management, and construction industries. It provides loans and leases ranging in size from $50 thousand to $2.5 million for the purchase and refinance of equipment such as cranes, trucks, trailers earth moving and waste equipment.