CHICAGO, Dec. 14, 2011 /PRNewswire/ -- Randy Abrahams, President and CEO of RedRidge Finance Group ("RFG"), announced today that RFG Fund I, LLC acquired a majority interest in Excel Finance Holding Company ("Excel"), headquartered in Austin, Texas. Founded in 1999, Excel, through its wholly owned subsidiaries, is a leading provider of consumer and auto loans to over 20,000 active customers across Texas and Louisiana. The investment in Excel included both subordinated debt as well as equity instruments.
William Tedrow, CEO of Excel, stated, "Over the past several years, traditional banks have shied away from loyal and hardworking households at a time when access to capital was and continues to be critical. As a result of consistent and responsible lending prior and during the credit crisis, Excel is well positioned to lend to this segment of underserved consumers. Over the past twelve months, Excel has opened or acquired 13 new branches, doubled its active customer base and more than doubled its pre-tax earnings. We are excited about the new relationship with RFG and what this relationship means for the company, our customers and our employees."
Excel currently has 31 branch locations throughout Texas and Louisiana, employs more than 100 employees and maintains a portfolio comprised of over 20,000 active customers. The Company maintains a senior warehouse facility with a national lender that has been in place for more than 10 years. This facility was increased in conjunction with the RFG investment.
"Excel and its management team provide a unique and special opportunity, and we are thrilled to enter this market with the Excel Team as our partners. We are attracted to Excel's platform, business plan and its management team's ability to show consistent growth throughout several economic cycles," said Christopher R. Soupal, Managing Director of RedRidge Finance Group. "Our investment will enable Excel to continue building its 'best in class' consumer and auto lending platform while expanding its established and growing market presence."