Jacksonville, Fla. – (October 23, 2009) – Lovett Miller & Co. portfolio company, EverBank Financial Corp. (EverBank), based in Jacksonville, Florida, has announced that it has signed an agreement to acquire in a stock-for-stock acquisition Tygris Commercial Finance Group, Inc. (Tygris), a commercial finance and leasing company. The agreement also includes a growth capital investment by Tygris of $65 million pre-acquisition cash into EverBank.
“We believe that EverBank can further enhance its financial position and provide competitive lending and banking solutions by continuing to pursue attractive lending and deposit opportunities, while offering business leasing products,” said Rob Clements, Chairman and CEO of Everbank. “By bringing Tygris together with our credit, capital, and funding infrastructure, our customers will benefit by having another stable lending source available to them,” said Blake Wilson, President and CFO of EverBank.
The expected close of the acquisition is late 2009.
About Lovett Miller & Co.
Lovett Miller & Co., co-headquartered in Jacksonville and Tampa, Florida, provides growth capital and shareholder liquidity for rapidly growing, privately held companies throughout the United States with a particular emphasis on technology-enhanced service companies and healthcare firms. The Firm invests in a range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $3 to $10 million in equity per company, although it is willing to consider both smaller and larger equity investments. For more information on Lovett Miller, visit www.lovettmiller.com.
EverBank Financial Corp., and its EverBank subsidiaries, is a privately-held thrift holding company headquartered in Jacksonville, Florida offering innovative banking, lending, and investment products and services of exceptional value. The company’s balanced mortgage banking and deposit banking platforms provide diverse revenue streams with proven success in a variety of market conditions. As of June 30, 2008, the company has over $6.0 billion in assets and over $4.1 billion in deposits. For more information on the EverBank Family of Companies, log on to EverBank.com.
Tygris Commercial Finance Group, Inc. is a commercial finance and leasing business that provides lease financing to end-users, directly to customers and through dealers, distributors and manufacturers of essential use and revenue generating equipment used by small and medium-sized businesses. Tygris has offices in Chicago, Stamford, CT and Parsippany, NJ. For more information on Tygris, visit www.TygrisCF.com.