IFC Credit Corporation Announces Acquisition of Pioneer Capital Corporation

MORTON GROVE, Illinois, September 3, 2004 -
IFC Credit Corporation announced today that it has concluded the acquisition of Pioneer Capital Corporation. Pioneer Capital Corporation is an Addison, Texas-based lessor specializing in providing equipment lease funding services to third party leasing professionals. Founded in 1983, Pioneer has funded over $85 million in small-ticket equipment leases over the last 3 years. Pioneer, through its proprietary web-based leasing system (Zaplease.com) processes over 5000 lease applications and funds over 1000 leases annually.

Rudolph D. Trebels, President and CEO of IFC Credit Corporation, commented: “The acquisition of Pioneer Capital is an excellent strategic fit for IFC Credit, adding market share and leveraging our capabilities in lease funding services.”

IFC Credit has provided lease funding services to third-party leasing professionals in the past, but on a smaller scale. “Pioneer is highly focused in their market, with a strong management team that compliments our existing group”, Trebels added.

Pioneer Capital Corporation will operate as a wholly owned subsidiary and remain in Addison, Texas.

“This opportunity makes sense for both companies,” states John Boettigheimer, President and co-founder of Pioneer. “Pioneer’s growth has remained strong despite challenging economic conditions, and IFC Credit provides us with additional financial resources to take the company to the next level.”

Terms of the transaction were not disclosed.

Pioneer Capital Corporation will be the third company acquired by IFC Credit Corporation since 2002. Earlier, the company acquired First Portland Corporation dba FirstCorp, Portland, Oregon and Spectrum Medical Leasing, Inc., Downers Grove, Illinois. The operations of those firms were 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.

Founded in 1988, IFC Credit Corporation is a Morton Grove, Illinois-based commercial equipment leasing firm dedicated to providing superior, innovative financial services. The company serves a broad market offering its services directly to middle market companies and venture capital-backed emerging growth firms, and indirectly through small-ticket vendor lease programs and third-party lease originators.


Media Contact

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

bcascarano@
ifccredit.com