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FOR IMMEDIATE RELEASE
MARQUETTE BUSINESS CREDIT, INC. INCREASES LOAN PORTFOLIO THROUGH $87.5 MILLION ACQUISITION
DALLAS – (Feb. 9, 2005) – Marquette Business Credit, Inc., an asset-based lending firm started in June 2004 as a de novo company of Marquette Financial Companies, has acquired $87.5 million in revolving credit and term loan facilities from Capital Factors, Inc. of Boca Raton, Fl.
The sale by Capital Factors of a portion of its asset-based loan portfolio is consistent with Capital’s earlier announcements that it will be focusing on its core Factoring and TempFunds businesses.
The acquisition by Marquette is significant because it increases the size and scope of the loan portfolio for Marquette Business Credit and for Minneapolis-based Marquette Financial Companies. With the acquisition, Marquette Business Credit now has $97.5 million in credit facilities.
“This acquisition helps us advance our mission to be the leading relationship-based, asset-based lender here in Dallas, as well as the other markets we intend to serve,” said Jim Casper, president and CEO of Marquette Business Credit. Since opening in mid-2004, Casper said the company has added a marketing office in Atlanta, with plans to open a second office in California in the first quarter of this year.
Marquette Business Credit provides asset-based working capital and term loans to middle market companies with credit requirements ranging from $1 million to $10 million. Marquette’s credit facilities are used by companies seeking alternatives to traditional bank lending. Asset-based lending, which relies on a company’s collateral, is used to fuel growth situations, restructurings, recapitalizations and for mergers and acquisitions.
“We develop an asset-based lending strategy that gives business owners the greatest flexibility and maximum borrowing power they need,” Casper said, adding that many companies he’s financed over the years have gone on to a larger stage, including several that have gone public. “Regardless of the financial circumstances, our client companies traditionally have two things in common: solid business plans and strong management teams. Asset-based lending is a valuable tool for the entrepreneur.”
About Marquette Financial Companies
Marquette Business Credit is part of Marquette Financial Companies, a $1.2 billion diversified financial services holding company comprised of specialty financial service businesses. Marquette Financial Companies is part of the Carl Pohlad family's diverse business holdings, which also include significant interests in the beverage industry, real estate, and ownership in Major League Baseball's Minnesota Twins.
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