Purchasing Power, LLC, a Atlanta, GA-based online business that enables a qualified work force the ability to purchase items, such as brand name computers, electronics and other expensive items via direct payroll deduction, has been acquired by Detroit-based private equity firm Rockbridge Growth Equity.
Boston based private equity firm Falcon Investment Advisors partnered with Rockbridge in the acquisition, providing additional junior capital financing. Goldman Sachs Specialty Lending Group, L.P. and Fortress Credit Corp. provided a $127m senior secured credit facility, which will also support significant future organic growth opportunities for the company.
Current President, Richard Carrano, has been named CEO of the company, which was founded in 2001 and currently employs 150 people.
Purchasing Power has clients ranging from Fortune 500 companies to government agencies.
FinSMEs
24/10/2011