IFC Credit Corporation Announces Acquisition of Blue Dot Funding LLC

MORTON GROVE, Illinois, June 7, 2005 - IFC Credit Corporation announced today that it has acquired the assets and business operations of Blue Dot Funding LLC, an Irvine, California-based equipment lessor.

Financial terms of the transaction were not disclosed.

Rudolph D. Trebels, President and CEO of IFC Credit Corporation, commented: “The acquisition of Blue Dot Funding will help us to accelerate our market growth, and contribute toward achieving our corporate goal of producing $500 million in annual lease originations by 2009.”

Trebels adds, “The addition of Blue Dot is an important strategic step for us because it provides us with a stronger presence in the Southern California market, adds small-ticket market share and leverages our vendor service capabilities.”

Blue Dot Funding LLC was formed in 1999, and provides equipment leasing services to small and mid-size businesses referred to the company by equipment suppliers through formal vendor financing programs. The group will operate as a regional office of IFC’s FirstCorp vendor services division.

“Joining IFC represented an opportunity to expand and profit from increased capabilities,” stated Marcus Davin, President and founder of Blue Dot. “In order to continue our aggressive growth, we needed to join an organization that had a strong marketing and operations platform, and had significant excess funding capacity. IFC Credit provides us with what we need to expand beyond our current level of business.”

Also commenting, IFC’s FirstCorp Division President John Estok emphasized the importance of the Blue Dot acquisition for IFC’s long-term expansion plans. “Our strategy of cultivating close personal relationships with equipment vendors within targeted vertical and geographic markets will be significantly strengthened by this acquisition.”

IFC now has representatives located in or near key U.S. cities including Dallas, Boston, Portland, New York, Atlanta, Chicago, Los Angeles, Sacramento, Minneapolis and Tampa.

Blue Dot Funding Corporation is the fourth company acquired by IFC Credit Corporation in as many years. Earlier, the company acquired Pioneer Capital Corporation, Addison, Texas, First Portland Corporation dba FirstCorp, Portland, Oregon and Spectrum Medical Leasing, Inc., Downers Grove, Illinois. The operations of those firms were successfully integrated into IFC’s organization and continue to provide incremental growth.

IFC expects to continue to consider new acquisition opportunities that add long-term strategic value to the company.


Media Contact

Brian Cascarano
Vice President of Marketing
(847) 663-6700

bcascarano@
ifccredit.com