Bluhaus Small Business Fund completes $5M investment in Acrecent Financial
Bluhaus Small Business Fund, a Puerto Rico-based private equity fund, completed a $5 million investment in Acrecent Financial Corporation, an alternative lender with nearly two decades dedicated to addressing the credit needs of small and medium-sized enterprises.
This investment is the Bluhaus’ inaugural transaction after its establishment in March 2020 and being licensed by the U.S. Small Business Administration as a specialized small business investment company.
Bluhaus’ investment objective is to provide debt and related equity investments to small and medium-sized businesses with committed and experienced management teams in a broad variety of industries. Bluhaus partners with entrepreneurs, management teams and business owners.
“Acrecent has built an outstanding business. The Company is an excellent fit with our investment strategy given its leading market position, strong customer relationships, reputation, and attractive growth prospects,” said Eduardo Inclán, managing partner of the Bluhaus Small Business Fund. “We’re excited to support the company as it enters its next growth phase.”
Acrecent Financial Corporation was founded in 2003, as a provider of financing solutions for small and medium-sized enterprises in Puerto Rico.
Acrecent offers several financing products, including loans and leases secured by equipment or real estate, and special situations loans. Acrecent has broad industry coverage including healthcare, manufacturing, hospitality, services, commercial real estate, among others.
“Catalyzing Puerto Rico’s enormous socio-economic development potential requires impact-centric investments in sizes that move the needle, and that’s exactly what Bluhaus did with this first $5 million investment from their first fund,” said Acrecent CEO James Connor.
“The multiplier effect will be ample as the Acrecent team deploys it consistent with its mission and long track record of addressing the chronic credit gap of Puerto Rico SMEs. We’re thrilled to partner with the Bluhaus team,” he said.
The proceeds from the investment will boost Acrecent’s lending capacity to serve more of the island’s proven but overlooked businesses, he said.
“Through the global financial crisis, a protracted economic recession in Puerto Rico, hurricanes, earthquakes and the COVID-19 pandemic the Acrecent team has been true to its mission of making impactful credit accessible, prudently, when it makes the most difference,” the company stated.