Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced that it has completed a majority investment in Global Financial Credit, a commercial and consumer finance company that provides specialized working capital solutions to healthcare providers and pre-settlement funding to consumers. Terms of the private transaction were not disclosed.
Through its MedChex and ChiroCapital brands, Global Financial helps physical therapy centers, 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,” said 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 centers 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” said 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 advisor, and Davis Graham & Stubbs and Katten Muchin Rosenman served as legal advisors to Lovell Minnick. Bray & Long served as legal advisor to Global Financial Credit.
About Global Financial Credit:
Global Financial Credit provides financial solutions to healthcare providers and individuals following personal injury events. Founded in 2002, Global Financial is headquartered in White Plains, NY, and has operations in Charlotte, NC. Through the Global Financial, MedChex, and ChiroCapital brands, the Company provides medical lien funding and pre-settlement advances to underserved credit markets across the entire United States.
About Lovell Minnick Partners LLC
Lovell Minnick Partners, LLC, is a private equity firm with expertise in investing in the financial and related business services sectors. With offices in Philadelphia, Los Angeles, and New York, Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, leveraged buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $1.7 billion in committed capital and has completed investments in over 30 companies. Targeted investment areas include asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services. For more information, please visit www.lovellminnick.com.
