Blackstreet Capital Partners has acquired a controlling interest in Western Capital Resources Inc. (OTC BB: WCRS), an operator of 55 cash advance locations in the Midwestern U.S. and 34 prepaid wireless outlets. No financial terms were disclosed.
PRESS RELEASE
WCR, LLC has purchased a controlling interest in Western Capital Resources, Inc. (“Western Capital” or the “Company”), a publicly traded company (OTC BB: WCRS.OB).
Western Capital has two wholly owned subsidiaries, Wyoming Financial Lenders, Inc. (“WFL”) and PQH Wireless, Inc. (“PQH”). WFL operates 55 cash advance locations in the Midwestern United States and PQH operates 34 prepaid wireless outlets as a Cricket premium authorized dealer. Blackstreet Capital, a Chevy Chase, Maryland-based private equity firm, will provide certain management services to Western Capital Resources, Inc.
“We’re excited about the opportunity to partner with the Western Capital management team, which is both seasoned and successful,” said Ric Miller, a Blackstreet Operating Partner. “The CEO, John Quandahl, and his team have a deep understanding of the markets they serve and have developed a business model that is adaptable to a changing landscape.”
“I believe we have gained a tremendous partner with Blackstreet,” said John Quandahl, CEO of Western Capital. “Blackstreet’s financial strength and successful track record of improving the performance of its portfolio companies brings a lot to the table. Their investment in our business provides management and financial support that will enable us to leverage our current operating systems to increase both revenue and profits.”
About Western Capital Resources, Inc.
Western Capital Resources, Inc., through its subsidiaries, Wyoming Financial Lenders, Inc. and PQH Wireless, Inc., provides retail financial services and retail cellular phones to individuals primarily in the Midwestern United States. It offers non-recourse cash advance loans, check cashing, and other money services, as well as money transfers and money orders. In addition, Western Capital Resources operates as a dealer for Cricket Communications, Inc., reselling cellular phones and accessories, and accepting service payments from Cricket customers.
About Blackstreet Capital
Blackstreet Capital (www.blackstreetcapital.com) is a Chevy Chase, MD based private equity firm with over $200 million of capital under management. Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Blackstreet seeks investments in a range of industries, including manufacturing/distribution, restaurants, specialty retail, business services and health care.
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