MINNEAPOLIS, Oct. 2 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) announced today that it purchased the assets of FCC
HealthCapitalGroup (FCC), a Portland, Ore.-based specialty commercial finance
company that offers lines of credit within the healthcare industry.
(Photo: http://www.newscom.com/cgi-bin/prnh/20011002/MNTU020 )
GMAC-RFC will operate the acquired company as a part of its Business
Capital Group under the trade name GMAC-RFC Health Capital. Details of the
transaction were not disclosed.
"GMAC-RFC's Business Capital Group identifies markets in need of capital,
and healthcare is currently the largest industry in the United States, with
high growth potential," said Greg Schultz, president of GMAC-RFC's Business
Capital Group. "This acquisition is an example of how our commitment to
providing capital solutions to clients can be extended outside the residential
mortgage finance and home building industries. It will add depth and
diversification to our portfolio of products and services."
Schultz said GMAC-RFC plans to retain all FCC associates and continue its
operations in Portland, Ore.
"FCC is a successful company with a reputation for fast turnaround and
excellent customer service," said Schultz. "We're impressed by the energy and
entrepreneurial outlook of FCC's management team, as well as its knowledgeable
and experienced staff. We plan to preserve these strengths while fuelling
growth through the backing of GMAC-RFC's financial resources."
Dale Papworth, chief executive officer of FCC, will remain with the new
organization to lead its growth and development. Papworth has been involved
in the healthcare financing industry for eight years, with extensive
experience with both small and mid-size healthcare companies.
"We're excited about the opportunities this agreement offers both our
clients and this market," said Papworth. "GMAC-RFC and FCC have similar
business philosophies and corporate cultures. Combining the best of both
companies will bring added value to healthcare providers across the country."
About FCC
FCC is a specialty commercial finance company that originates working
capital lines of credit to the healthcare industry, all secured by accounts
receivable.
About GMAC-RFC
GMAC-RFC's Business Capital Group provides unregulated capital to leading
U.S. residential developers and homebuilders. GMAC-RFC, a wholly owned
subsidiary of GMAC Financial Services, is America's largest non-agency issuer
of mortgage-backed securities (MBS) and home equity loan (HEL) asset-backed
securities (ABS), and No. 1 warehouse lender. The company leverages its
strengths in securitization, lending and investment to offer a broad portfolio
of innovative capital solutions. GMAC-RFC is headquartered in Minneapolis and
operates in the United States, Europe, Latin America and Japan.
http://www.gmacrfc.com
SOURCE GMAC Residential Funding
 back to top
Related links:
http://www.gmacrfc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20011002/MNTU020
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/138832.html
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
+1-952-857-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Weber Shandwick Worldwide, +1-952-346-6191,
rsands@webershandwick.com , for GMAC Residential Funding
|
