RedRidge Finance Group said Wednesday that its RFG Fund I LLC acquired a majority interest in Excel Finance Holding Co., a consumer and auto loan provider.
The investment in Excel included subordinated debt and equity instruments, RedRidge said in a news release.
Excel, based in Austin, Texas, has 31 branches in Texas and Louisiana, more than 100 employees and a portfolio of more than 20,000 customers. RedRidge, headquartered in Chicago, provides due diligence, debt advisory, lending and asset management services.
"Over the past several years, traditional banks have shied away from loyal and hardworking households at a time when access to capital was and continues to be critical. … Excel is well-positioned to lend to this segment of underserved consumers," William Tedrow, the chief executive of Excel, said in the release.
