Apollo-Backed MidCap Financial Acquires PNC's Franchise Finance Business
October 01 2019 - 1:55PM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Sep 2023 to Sep 2024