Falfurrias Capital Partners invested about $20 million in Commercial Credit Group, a Charlotte, North-Carolina-based company that provides financing for construction, fleet transportation and waste.

Commercial Credit Group president and chief executive Dan McDonough told the M&A Journal that he anticipates the cash from the private equity firm will go to bolster his company’s organic growth—not dealmaking.

Falfurrias Capital has pursued financial services sector investments; earlier this year it invested in North American Financial Holdings. The private equity firm was founded by financial services veterans; its founder and chairman Hugh McColl was former chairman and CEO of Bank of America and Marc Oken, another founder, was BofA’s former finance chief.

Falfurrias, also based in North Carolina, has a tendency to seek out plays in its own backyard. It spent $70 million to finance the popular chicken chain Bojangles’, which in turn reduced its debt.

Other recent financial services plays in which private equity provided financing capital for growing companies includes Soros Strategic Partners, RIT Capital Partners and Lord Rothschild’s family interests, Albright Capital Management LLC, and funds advised by Helios Investment Partners providing Helios Towers Africa with $350 million in growth capital in 2009.

Aquiline Capital Partners also led an investment in Belgian payments system Clear2Pay NV; in both investments, the recipients of the PE firms’ capital were expected to make deals to compliment their existing assets.

Financial services industry