The equipment and accounts receivable finance company Commercial Credit, Inc. (CCI) announced Monday (Dec. 27) it had acquired Keystone Equipment Finance Corp.
According to a news release, Conneticut-based Keystone “provides small-ticket equipment financing, specializing in the transportation and construction related industries.” The deal will see the company operate as a wholly-owned CCI subsidiary, “gaining and leveraging CCI’s extensive resources” but with no change to operation, management or personnel.
Terms of the deal were not released.
“The Keystone acquisition is highly attractive as it expands our transaction range in the industries to which we are committed and know well,” said Dan McDonough, president and CEO of CCI.
“Importantly, we share many similarities with Keystone and look forward to working with Keystone’s accomplished management team as we continue to build our differentiated independent equipment finance business. Combining our highly complementary businesses will drive new benefits for both companies, our customers and employees.”
Added Todd Kaufman, president of Keystone: “The cultural fit and CCI’s resources are a perfect match to perpetuate our long and successful track record. We are excited to provide our vendors and customers an expanded product line and continued exceptional service.”
Based in Charlotte, North Carolina, CCI — through its subsidiaries Commercial Credit Group Inc. and Commercial Funding Inc. — provides equipment loans and leases to small and mid-sized construction, fleet transportation, machine tool and manufacturing, and waste industry firms, as well as accounts receivable factoring for a variety of industries.
PYMNTS took a closer look at the construction and manufacturing industries earlier this year in our conversation with RJ Ancona, VP and GM of B2B for global merchant and network services at American Express.
Read more: Construction Tech Firms Contend With Surging Demand And Supply Chain Challenges
These industries, Ancona told PYMNTS, “are really facing unprecedented challenges, but also huge opportunities.”
On one hand, the first quarter this year saw a 3% uptick in increase in business spending on buildings, construction and maintenance.
However, meeting that demand can be difficult when companies are faced with supply chain slowdowns, outdated tech and back office methodologies, a situation that highlights the need for investing in construction technology.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More