Flexpoint Ford Selling Financial Pacific for $158M
June 05, 2013
Flexpoint Ford has agreed to sell Financial Pacific to Umpqua Holdings (NASDAQ: UMPQ) for $158 million in cash. FinPac is the parent company of Financial Pacific Leasing, which provides business-essential commercial equipment leases and loans to various industries throughout the U.S. The company had total assets of $279 million as of April 30, 2013, with tangible equity of $57 million expected at close. Flexpoint Ford acquired a majority interest in the company from Ares Capital in 2010.