Evolution Capital Partners of Cleveland has invested an undisclosed amount of equity into American Eagle Mortgage, a Loraine, Ohio-based mortgage lender providing loans in Ohio, Kentucky and Florida.
Evolution Capital Partners (“Evolution”), a Cleveland, Ohio-based private equity firm, in partnership with management, is pleased to announce the equity investment in American Eagle Mortgage (“AEM”). AEM represents the fifth platform investment in Evolution’s current fund.
AEM, based in Lorain, OH, is a premier mortgage lender providing loans in Ohio, Kentucky and Florida. AEM has enjoyed steady growth since its inception, avoiding the aggressive lending practices associated with sub-prime lending. AEM is a FHA/VA approved lender, specializing in first time home buyer solutions.
“We are very impressed by American Eagle’s talented management team. They have proven to be a significant player in what has become a very volatile market. We look forward to partnering with management to continue to build on and expand American Eagle’s product offering,” said Brendan Anderson, Managing Partner, Evolution.
John Schrenkel, President, American Eagle Mortgage stated that he is very proud of American Eagle’s success to date. “Our unparalleled commitment to dedicated customer service, integrity, and product knowledge has proven to be the key to success. We believe our partnership with Evolution will allow us to not only build on our successful track record, but also help us in attaining our true growth potential.”
Evolution Capital Partners, LLC
Evolution Capital Partners (“Evolution”) is a committed private equity fund investing $1-10 million of equity, in partnership with management, to sponsor buyouts of light industrial, service and distribution businesses. Evolution targets established companies with annual sales between $5 million and $50 million that given the resources have a real opportunity for organic growth. Evolution expects to act as a lead investor in growth financings, acquisitions, recapitalizations and divestitures. For more information, visit http://www.evolutioncp.com/.
American Eagle Mortgage
American Eagle Mortgage (“AEM”) is a mortgage lender in Ohio, Kentucky and Florida. AEM specializes in providing FHA and VA lending solutions for new home buyers. For more information, visit http://www.aemc.cc/.