Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced that it has made a growth capital investment in Currency Capital, LLC, a leading online equipment financing exchange serving owners of small- and medium-sized companies. The investment will support Currency Capital’s growth strategies. Financial terms of the private transaction were not disclosed.
Headquartered in Los Angeles, Currency Capital will continue to be led by CEO Charles Anderson and his experienced executive team who will retain a significant equity interest in the company.
Currency Capital’s online portal enables business owners to receive competitively priced loans for equipment purchases. The expedited approval process allows borrowers to receive funding rapidly and often the same day. This contrasts with the weeks- or months-long process typically involved with obtaining credit from traditional lenders. With Currency Capital, borrowers are provided with unparalleled, instant access to financing options from hundreds of lenders with “one click,” making the entire application, selection, approval and funding process simple and transparent.
“Charles and his team are transforming the $1.7 trillion equipment purchase industry, empowering American business owners to meet their capital-buying needs at the point of sale in a convenient, seamless and efficient manner,” said John Cochran, Partner at Lovell Minnick. “By originating, processing and servicing transactions, Currency Capital brings together buyers of varied credit profiles, sellers and equipment funding sources.”
Currency Capital provided approximately $150 million in loans to customers in 2016. Equipment buyers are also able to purchase equipment for sale by the Company’s industry-leading partners: eBay, Big Tex Trailers, IronPlanet and Proxibid.
“Our partnership with Lovell Minnick is further validation of the significant market opportunity we identified in 2012 to provide independent and small business owners with fast, on-demand and reliable financing,” said Anderson, who also serves as the Executive Director of the Commercial Equipment Marketplace Council. "Our vision is build an end-to-end equipment financing exchange so that our platform will empower business owners to ask Siri, 'find me a dump truck for $200/mo.' And for Siri to respond with, 'where and when would you like the dump truck to be delivered?’ We are approaching this massive market in the same way that Amazon is approaching traditional retail."
Lovell Minnick’s portfolio companies include LSQ Funding, a leading technology-enabled provider of working capital solutions to small and mid-sized companies; and Commercial Credit Inc., an independent specialty finance company that provides secured loans and leases for commercial and industrial equipment. American Discovery Capital served as financial advisor/merchant bank to Currency Capital.
Lovell Minnick Partners LLC is a private equity firm with expertise in investing in the financial and related business services sectors. With offices in Philadelphia, Los Angeles, and New York, Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, leveraged buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $1.7 billion in committed capital and has completed investments in over 30 companies. Targeted investment areas include asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services.