The lead investor was Darby Private Equity, the private equity arm of Franklin Templeton Investments, with Hofmockel Investments, LLC co-investing. Darby invested through its Darby ProBanco Fund II that specializes in the financial sector in Latin America. Muñoz Holdings, Inc. retained its investment in the company. Transaction terms were not disclosed.
Acrecent is a commercial finance company dedicated to providing businesses the capital needed to acquire equipment and information technology for which few financing alternatives exist. Acrecent tailors loan and lease facilities and offers significant structuring flexibility to meet customer needs and support business growth.
Having started operations in Puerto Rico in 2003, Acrecent expanded to other countries in the Caribbean, and the additional capital raised will allow increased coverage throughout the region.
“Acrecent has consistently made timely financing available to hundreds of businesses in multiple industries, simultaneously solving customers’ pressing funding needs while building a high quality portfolio of leases and loans,” said Acrecent Founder James Connor.
“I am pleased to bring Darby and Hofmockel Investments on board as we widen geographic coverage; they add not only financial strength but also strategic and regional market intelligence,” he said. “This transaction marks the beginning of a multifaceted expansion that will result in medium-size businesses, in particular, having greater access to the capital that fuels growth, creates jobs and supports local economies.”
“We’re also pleased that First Bank of Puerto Rico and Banco de Desarollo Ecónomico para Puerto Rico have expanded their relationship with us enhancing our ability to serve the Puerto Rico business community,” Connor said.