Evolution Capital Partners, a Cleveland, Ohio-based private equity firm, has made an equity investment in American Eagle Mortgage, the fifth platform investment in Evolution’s current fund.
AEM, based in Lorain, Ohio, is a mortgage lender providing loans in Ohio, Kentucky and Florida. It is a FHA/VA approved lender, specialising in first time home buyer solutions.
"We are very impressed by American Eagle’s talented management team. They have proven to be a significant player in what has become a very volatile market. We look forward to partnering with management to continue to build on and expand American Eagle’s product offering," says Brendan Anderson, managing partner, Evolution.
John Schrenkel (pictured), president, American Eagle Mortgage, says: "Our unparalleled commitment to dedicated customer service, integrity, and product knowledge has proven to be the key to success. We believe our partnership with Evolution will allow us to not only build on our successful track record, but also help us in attaining our true growth potential."
Evolution is a private equity fund investing USD1m to USD10m of equity, in partnership with management, to sponsor buyouts of light industrial, service and distribution businesses. It targets established companies with annual sales between USD5m and USD50m.
