Rand Capital Invests $1 Million in Mercantile Adjustment Bureau, LLC
(firmenpresse) - BUFFALO, NY -- (Marketwire) -- 11/07/12 -- (Williamsville, NY) (), an upstate New York full service accounts receivable management and collections company specializing in financial institutions, healthcare and other sectors has received a $1 million investment from Rand Capital SBIC, Inc., (Buffalo, NY) (NASDAQ: RAND) (). The funds will be used to continue their growth following its recently announced strategic acquisition of Creditors Interchange.
"In evaluating the account receivable management and collections sector for investment we quickly identified that long term growth requires an experienced management team, with strong industry relationships that can operate in a highly regulated and ever changing environment," stated Daniel P. Penberthy, Executive Vice President of Rand Capital. He continued, "Though we have previously declined 'collections industry' opportunities in the past, this management team presented us with the right mix of experience, outlook for job growth, industry relationships, attentiveness to regulatory compliance, and a strategic growth plan, which convinced us that this team, and this business, can be a successful investment for Rand."
In addition to the Rand investment, Pine Street Capital Partners () provided funding to Mercantile as part of the strategic acquisition financing.
Jeffrey Miller, Mercantile's CEO stated, "The financing provided by Rand and other investors as part of the strategic acquisition and working capital financing, positions Mercantile with over 500 employees and the opportunity to continue our vision for rapid industry growth while maintaining our strong history of compliance, quality and performance."
Information contained in this release should be considered forward-looking, and may be subject to inherent uncertainties in predicting future results and conditions. Please see the Corporation's Form 10-Q, Item 1A, previously filed with the Securities and Exchange Commission for a detailed discussion of the risks and uncertainties associated with the Corporation's business.
Rand Capital is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand and its subsidiary provide capital and managerial expertise to small and medium sized private companies primarily located in the Northeast U.S. Rand is traded on the NASDAQ under the symbol "RAND" and is headquartered in Buffalo, NY.
Investor Contact:
Daniel Penberthy
Executive Vice President
716-853-0802
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Datum: 07.11.2012 - 14:16 Uhr
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News-ID 200553
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