Commercial Credit Group in acquisition

Commercial Credit Group (CCG), a leading independent commercial equipment finance company, has purchased the machine tool finance business of Manufacturers Capital, in a bid to gain a share of the machine tool and manufacturing industry lending market.

The Manufacturers Capital team will operate as a division of CCG and will continue to provide its regular service to the machine tool and manufacturing industries.

“The acquisition of Manufacturers Capital, an independent, industry leader, allows us to expand into a new, yet similarly structured market to our existing business, led by a very accomplished group of professionals,” noted CCG co-founder and CEO Dan McDonough. “Many senior managers of CCG have previously worked with the Manufacturers Capital team and I cannot think of a better cultural fit to further enhance our growth opportunities.”

Manufacturers Capital senior vice president David Goose said: “CCG’s significant funding capabilities and operating scale enable us to enhance our industry-leading customer experience by offering an extensive selection of financing options. The similarities in our cultures and senior management provide for a seamless transition to our new partner. The entire Manufacturers Capital team is excited to become part of the CCG family.”

Manufacturers Capital provides commercial loans and leases for machine tool and fabrication equipment to manufacturing companies located throughout the US. CCG currently provides secured loans and leases to small and mid-sized businesses in the construction, fleet transportation and waste industries.

CCG’s sales force is located throughout North America and sources transactions through end-users, equipment vendors and manufacturers with typical transaction sizes ranging from $100,000 to $2,500,000. Since its inception in 2004, CCG has originated approximately $3 billion of finance receivables. CCG is headquartered in Charlotte, North Carolina.