Apollo-Backed MidCap Financial Acquires PNC's Franchise Finance Business

By Colin Kellaher

MidCap Financial LLC, a middle-market specialty finance firm backed by Apollo Global Management Inc. (APO), on Tuesday said it acquired substantially all of PNC Financial Corp.'s (PNC) franchise finance loan portfolio for an undisclosed amount.

Bethesda, Md.-based MidCap said six members of PNC have joined the company, including Bernard Lajeunesse, who was senior vice president and general manager of the franchise finance business.

The PNC operation was part of the U.S. commercial and vendor finance business the Pittsburgh financial-services company acquired from Canada's ECN Capital Corp. (ECN.T) for about $1.25 billion in 2017.

New York private-equity firm Apollo acquired MidCap in 2013 in a deal reported to be worth $500 million.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 01, 2019 13:40 ET (17:40 GMT)

PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Mar 2024 to Apr 2024