FTV Management Company, L.P.
  • News
  • Insights
  • Company
  • Growing Companies
    • Overview
    • FTV Propel®
  • Global Partner Network®
    • Overview
    • Strategic Advisory Board
  • Team
  • Portfolio
Investor Portal
Port Co Hub

Search

FTV News

Wells Fargo to Acquire Strategic Ally Castle Pines Capital

05.25.2011
Share this...
  • Linkedin
  • Twitter
  • Facebook
  • Email

Acquisition is culmination of longtime customer relationship and adds new channel finance capabilities

SAN FRANCISCO – Wells Fargo & Company (NYSE: WFC) announced today that Wells Fargo Bank, N.A. has entered into a definitive agreement to acquire the remaining equity interest in CP Equity LLC, the sole owner of Castle Pines Capital LLC and its affiliates, Castle Pines Capital International LLC and CPC Global LLC (collectively, “Castle Pines Capital” or “CPC”).

CPC is a privately held company that provides innovative, worldwide channel financing solutions to resellers in the technology industry. Wells Fargo’s relationship with CPC dates back to 2005, when it became a customer of the Lender Finance division of Wells Fargo Capital Finance. In 2007, the two companies entered into a strategic alliance which included a minority equity investment by Wells Fargo in CPC.

“We have enjoyed a long and successful relationship with CPC,” said Andrea Petro, Wells Fargo Capital Finance executive vice president and Lender Finance division manager. “We were the company’s first source of institutional senior debt, and as the company grew, we became convinced that the products and services that CPC provides to its customers were exceptional, and decided to invest in the business. With this acquisition, we will bring Wells Fargo’s strength and stability together with CPC’s entrepreneurial excellence and successful business model.”

“I’m excited to add our channel finance capabilities to the broad range of products and services offered by Wells Fargo,” said John Schmidt, managing partner and co-founder of Castle Pines Capital. “This is a win for the customers of both organizations.” Schmidt, fellow Managing Partner and co-founder Michael Gallagher, and the rest of the CPC management team will continue to lead the business, which will report to Petro as part of Wells Fargo Capital Finance.

“Wells Fargo is committed to helping businesses grow and succeed,” said Henry Jordan, chairman and CEO of Wells Fargo Capital Finance. “We’ve played a part in Castle Pine Capital’s success over the years, and now, as it becomes part of our organization, we’ll be able to work together to provide customized, flexible, working capital solutions for CPC’s clients. This is another great example of how we deliver on that commitment.”

CPC has approximately 60 employees and is headquartered in Denver, with additional offices in Boston and Ft. Lauderdale. The transaction is expected to be completed this summer. Terms of the purchase were not disclosed. Morgan Stanley acted as financial advisor to CPC and Bryan Cave LLP acted as its legal advisor.

About Wells Fargo Capital Finance

Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, and others. For more information, visit wellsfargocapitalfinance.com.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Keep Up-To-Date on the Latest FTV News

  • This field is for validation purposes and should be left unchanged.

SAN FRANCISCO

601 California Street, Floor 19
San Francisco, CA 94108

415.229.3000


CONNECTICUT

10 Titus Road, Suite 5B
Washington Depot, CT 06794

NEW YORK

535 Madison Avenue, Floor 33
New York, NY 10022

212.682.4800

CONTACT

General: Info@ftvcapital.com
Media: PR@ftvcapital.com

  • LinkedIn
  • Twitter
Investor Portal
Port Co Hub

© 2023 FTV Management Company, L.P.
All rights reserved.

  • Privacy & Cookie Policy

  • Keep Up-To-Date on the Latest FTV News

  • This field is for validation purposes and should be left unchanged.
Our website uses cookies that are essential for the website to work. By using the website and continuing to navigate, you consent to the placement of these cookies. Read our PRIVACY POLICY to learn more.
ACCEPT
Select Cookies
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT