Colford to Invest NMC Sale Proceeds in North Mill Equipment Finance



Colford Capital Holdings sold 100% of the equity interests of North Mill Capital to Solar Senior Capital. North Mill Capital, based in Princeton, NJ, is an asset-based lending and commercial finance company that provides senior secured financing to U.S.-located small-to-medium-sized businesses primarily in the services, manufacturing and distribution industries. Solar Senior invested approximately $51 million in the transaction.

Founded in 2010 by its senior management team, North Mill Capital has underwritten more than $500 million of total credit facilities to approximately 150 borrowers. As of September 30, 2017, its portfolio consists of $121 million loans to approximately 85 borrowers, with an average loan balance of approximately $1.4 million. North Mill Capital’s loans are collateralized on a first-lien basis, mostly by accounts receivable, inventory and other assets.

Colford is also the majority owner of North Mill Equipment Finance, a separate commercial equipment finance company based in Norwalk, CT, which finances the purchase of business-essential equipment for small businesses throughout the U.S. Colford will invest some of the North Mill Capital sale proceeds in, and continue as majority owner of North Mill Equipment Finance separately and independently of North Mill Capital.

North Mill Equipment Finance has 60 years of experience originating and servicing equipment leases and loans and primarily serves the transportation, construction, distribution and manufacturing industries, with a focus in heavy-duty, medium-duty and vocational trucks, as well as “yellow-iron” construction equipment.

David Lee, CEO of both Colford and North Mill Equipment Finance, said, “The sale of NMC enables Colford to accelerate the growth of North Mill Equipment Finance and strengthen its ability to originate commercial equipment leases and loans. The demand for commercial equipment financing is growing, particularly in the market segments served by NMEF.”


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