Private equity firm Lovell Minnick Partners has made a majority investment in Global Financial Credit LLC, a commercial and consumer finance company for healthcare providers and consumers. Financial terms of the deal were not disclosed. This deal transaction marks as the fifth financial services investment by the PE firm in the first quarter.
Formed in 2002, Global Financial provides injury victims with cash advances without a credit or income verification check, all while they await their lawsuit settlements. The White Plains, New York-based target also provides healthcare suppliers with working capital. 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.
“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,” states Lovell Minnick president Steve Pierson.
Lovell Minnick is a financial services-focused private equity firm that invests up to $100 million in equity. In 2016, Lovell Minnick-backed Worldwide Facilities agreed to buy energy insurance broker Sloan Mason Insurance Services and J.S. Held LLC, supported by the PE firm, acquired Lovett Silverman Construction Consultants Inc. Lovell Minnick has offices in Philadelphia and Los Angeles.
Technology, outsourced services and specialty finance are driving deals in the financial services sector, despite regulatory uncertainty. In 2017 alone, Lovell Minnick backed four financial services companies, including: Currency Capital, Engage People, Foreside Financial and Trea. The firm has been expanding its focus on financial technology particularly, following the closing of its fourth fund with $750 million of commitments in 2015.