Stearns Bank acquired a majority stake in Contract Capital Corporation, a provider of specialized financing services to managed service providers.
“We see this venture as an opportunity to propel CCC’s growth and build upon our current expertise, further diversifying our nationwide commercial lending and equipment financing capabilities,” Kelly Skalicky, president and CEO of Stearns Bank, said. “Our growth strategies include a focus on partnering well with like-minded, visionary entrepreneurial leaders like Chris Kerr and Rob Howe. Kerr and Howe developed decades of specialized expertise in the ICT industry and strong MSP relationships, and were ahead of their time and the industry in discovering CCC’s financing niche and the explosive growth opportunities in ‘as-a-service’ models for technology suppliers and providers, like MSPs.”
“Through our prior experience in conventional asset financing for the ICT industry, we have seen the challenge MSPs have when sourcing capital for an as-a-service practice,” Kerr, who serves as CEO of Contract Capital Corporation, said. “With the stable backing of Stearns Bank and their willingness to innovate, together we can help more MSPs to scale their business.”
“We are thrilled to embark on this exciting venture with Contract Capital, as it perfectly complements our passion for innovation and our core value to continuously evolve, adding another niche financing specialization to our national lending program that repeatedly yields strong, industry-leading earnings for Stearns Bank year after year,” Skalicky said.
Contract Capital Corporation was advised by Hovde Group and the law firm of CP LLP. Stearns Bank was advised by the law firm of Stinson.
