Commercial Credit, an equipment and accounts receivable finance company based in Charlotte, North Carolina, and the parent company of Commercial Credit Group and Commercial Funding, has acquired Keystone Equipment Finance. Terms of the transaction were not disclosed.
Connecticut-based Keystone Equipment Finance provides low-cost equipment financing specializing in the transportation and construction industries. Keystone will operate as a wholly owned subsidiary of Commercial Credit and its operations and management will remain in place with no planned personnel changes.
âThe acquisition of Keystone is very attractive as it expands our range of transactions in the sectors in which we are involved and which we are familiar with,â said Dan McDonough, President and CEO of Commercial Credit. âIt is important to note that we share many similarities with Keystone and look forward to working with Keystone’s accomplished management team as we continue to grow our independent and differentiated equipment finance business. The combination of our highly complementary activities will generate new benefits for both companies, our customers and our employees. “
âThe cultural fit and [Commercial Credit]The resources of are ideally suited to continue our long and successful experience, âsaid Todd Kaufman, President of Keystone Equipment Finance. âWe are delighted to provide our suppliers and customers with an expanded product line and continued exceptional service. “
Keefe, Bruyette & Woods advised Commercial Credit on the transaction and Hovde Group advised Keystone Equipment Finance.