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Pacific Premier Bancorp Inc Acquires Infinity Franchise Holdings, LLC

Monday, 18 Nov 2013 06:00am EST 

Pacific Premier Bancorp Inc announced that it has entered into a definitive agreement to acquire privately held Infinity Franchise Holdings, LLC (IFH) and its wholly owned operating subsidiary Infinity Franchise Capital, LLC (IFC), a national lender to franchisees in the quick service restaurant (QSR) industry, and other direct and indirect subsidiaries of IFH utilized in its business. The equity purchase price is estimated to be approximately $16 million, with 50% of the consideration to be paid in cash and 50% to be paid in PPBI common stock. The actual equity purchase price will be determined based upon the consolidated adjusted book value of equity of IFH as of the closing of the acquisition. Upon closing, which is expected to occur late in the current quarter or early 2014, IFC will be rebranded as Pacific Premier Franchise Capital and operate as a division of Pacific Premier. PPBI was advised in this transaction by Sandler O`Neill + Partners, L. P., as financial advisor, and Patton Boggs LLP, as legal counsel. Keefe, Bruyette and Woods, Inc. served as financial advisor to IFH. 

Company Quote

-0.14 -0.88%
2:40pm EST