Private equity firm Lovell Minnick Partners has completed a majority investment in Global Financial Credit, a commercial and consumer finance company that provides specialised working capital solutions to healthcare providers and pre-settlement funding to consumers.
Terms of the private transaction have not been disclosed.
Through its MedChex and ChiroCapital brands, Global Financial helps physical therapy centres, chiropractors, and other healthcare providers receive payment for care rendered to accident victims. In addition, Global Financial extends financing to injured individuals to help them cover healthcare and living expenses during their recovery. Founded in 2002, the company sources business through direct marketing and has an extensive business referral network that includes healthcare providers and law firms.
“Global Financial Credit has established an impressive platform, and we’re excited to help the current management team build upon its track record of strong organic growth, including expanding its healthcare coverage footprint,” says Steve Pierson, president of Lovell Minnick Partners. “An early leader in the industry, the company has a seasoned risk management process refined over more than fifteen years of operation and hundreds of thousands of transactions, providing a solid foundation. One of our priorities will be to support Global Financial Credit’s continued growth through acquisitions that build greater scale in its core markets, including healthcare.”
Global Financial Credit’s current management team will continue to manage the company post-closing. Extending beyond its historical focus on pre-settlement advances, the company formed MedChex in 2005 to assist MRI and physical therapy centres with financing treatment procedures in connection with case-related injuries. ChiroCapital was formed in 2010 to aid chiropractors and physical therapists with receiving payments for services provided to accident victims.
“We are excited to work with Lovell Minnick. They are the natural partner for us, given their relevant domain expertise and collaborative approach to business-building,” says Wensley McKenney, CEO of Global Financial Credit. “Lovell Minnick’s resources will enable us to further capitalize on the opportunities that lie ahead, bringing their resources to bear with acquisitions, financing relationships, and other corporate development efforts.”
Lovell Minnick has extensive experience in supporting growing businesses across financial services, including specialty finance companies. Within specialty finance, Lovell Minnick’s portfolio companies include Commercial Credit, an independent specialty finance company that provides equipment financing for commercial and industrial equipment; LSQ Funding, a leading technology-enabled provider of working capital solutions to small and mid-sized businesses; and Currency Capital, a leading online equipment financing exchange serving owners of small and medium-sized companies.
Keefe Bruyette & Woods, a Stifel Company, acted as financial adviser, and Davis Graham & Stubbs and Katten Muchin Rosenman served as legal advisers to Lovell Minnick. Bray & Long served as legal adviser to Global Financial Credit.
