Harbert Private Equity Fund II, LLC Exits Presidential Financial Corporation
Birmingham, Alabama, Mar. 4, 2013 – Harbert Private Equity Fund II, LLC (“HPEF II”) announced today that it has sold PFC Acquisition Company, Inc. and its wholly-owned subsidiary, Presidential Financial Corporation (“PFC”), to MidFirst Bank. PFC will operate as a subsidiary of MidFirst Bank and maintain its own brand and management team.
“We believe that the MidFirst acquisition of PFC was a win-win for all parties,” Winston Gillum, Vice President and Managing Director of Harbert Private Equity, stated. “Shareholders got a return on their investment, MidFirst acquired a well-recognized platform in the asset-based lending business and management gained the ability to grow their business with a new, well-capitalized parent.”
Presidential Financial Corporation is a senior lender providing growth capital to businesses and healthcare providers throughout the United States. The company focuses on growing businesses with strong management teams and offers working capital facilities from $1,000,000 to $5,000,000. Headquartered in Atlanta and founded in 1981, the company serves clients nationwide.
MidFirst Bank is headquartered in Oklahoma City and is one of the nation’s largest privately-held banks. MidFirst serves more than 600,000 customers nationwide.
Based in Birmingham, Alabama, HPEF II, LLC is a private equity fund sponsored by Harbert Management Corporation (“HMC”). HMC is currently investing from Harbert Private Equity Fund III, LP and seeks to invest in companies located throughout the U.S. and Canada that have operating cash flow of at least $2.0 and up to $10.0 million.
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