H.I.G. Capital has acquired a control stake in First Capital, a Boca Raton, Fla.-based provider of asset-based lending and factoring to small and mid-sized companies. Participating alongside H.I.G. were affiliates of Morgan Stanley Alternative Investment Partners and JP Morgan Asset Management. No financial terms were disclosed.
H.I.G. Capital, LLC, a leading global private equity investment firm, today announced that an affiliate has completed a control investment in First Capital. H.I.G. was joined by funds advised by Morgan Stanley Alternative Investment Partners and funds advised by JP Morgan Asset Management. Founded in 2003 and headquartered in Boca Raton, FL, First Capital is a leading commercial finance company providing asset based lending and factoring to small and mid-sized companies. The investment will primarily be used to fund asset growth of the company.
With approximately $1 billion in assets under management, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. The Company differentiates itself in the market by (i) providing prompt, professional and reliable service to its clients, (ii) employing highly experienced origination, credit and finance professionals, and (iii) developing creative, customized solutions for clients. With offices across the United States, First Capital is able to service customers across all industries and regions.
“First Capital has a proven business model from loan origination and underwriting, through to exceptional loan servicing processes and systems”, said Brian Schwartz, Executive Managing Director of H.I.G. Capital. “The Company is well positioned to capitalize on a unique market growth opportunity. We are pleased to have the opportunity to work with John Kiefer, Lee Wilson, and their outstanding management team.”
“The equity infusion from H.I.G. affirms our business model and makes us stronger than ever and, most importantly, gives us the resources to increase lending.” said John W. Kiefer, Chairman of First Capital. Lee Wilson, President and CEO of First Capital, added, “We are pleased to have the support of H.I.G. to execute on our strategy to grow by lending to small and mid-size companies who need working capital in a market where many lenders have pulled back.”
About First Capital
First Capital (www.FirstCapital.com) is a leading commercial finance company providing Asset Based Lending
and Factoring to the owners of small and mid-sized companies. These working capital loans are primarily
secured by receivables and inventory. With assets just under $1 billion, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. It differentiates itself from larger finance company and bank competitors through certainty of timely funding. First Capital believes that its ability to provide exceptional service, the quality of its professionals and its efficient delivery structure make it a preferred lender to its clients and a preferred borrower to its lenders.
Headquartered in Boca Raton, FL, the firm has full-service offices in New York, Los Angeles, Atlanta and Oklahoma City as well as a processing center in Manila.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.