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Colford to Retain, Strengthen North Mill EF with Sales of North Mill Capital

October 25, 2017, 07:30 AM
Filed Under: Industry News

Colford Capital Holdings announced the sale of 100% of the equity interests of North Mill Capital LLC (“NMC”) to Solar Senior Capital Ltd. NMC, based in Princeton, New Jersey, 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, NMC has underwritten more than $500 million of total credit facilities to approximately 150 borrowers. As of September 30, 2017, its highly diversified portfolio consists of $121 million loans to approximately 85 borrowers, with an average loan balance of approximately $1.4 million. NMC’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 LLC (“NMEF”), a separate commercial equipment finance company based in Norwalk, Connecticut, which finances the purchase of business-essential equipment for small businesses throughout the United States. Colford will invest some of the NMC sale proceeds in, and continue as majority owner of, NMEF separately and independently of NMC. NMEF 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, Chief Executive Officer of both Colford and NMEF, 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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