Celtic Investment, Inc. Announces the Acquisition of Goodman Factors, Inc.BARRINGTON, Ill.--(BUSINESS WIRE)--Sept. 21, 1998--Celtic Investment, Inc. (Nasdaq:CELT Celt (kĕlt, sĕlt) or Kelt (kĕlt). 1 One who speaks a Celtic language or who derives ancestry from an area where a Celtic language was spoken; i.e. ), a specialized financial service holding Company announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , U.S. Commercial Funding Corporation (USCF USCF United States Chess Federation USCF United States Cycling Federation USCF United States Cricket Federation USCF United States Cavers Forum ), has completed the acquisition of Goodman Factors, Inc. (Goodman). Goodman is a twenty-six year old commercial finance company located in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. which specializes in the purchase of client's accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and other asset based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Goodman, in combination with USCF, annually purchases approximately $200,000,000 in accounts receivable from a diversified client base. The total financing for the acquisition and repayment of certain liabilities was in excess of $21,000,000. In addition, the USCF Credit Facility was increased to $23,000,000 to provide growth capital for the combined entitites. The acquisition of Goodman significantly increases the size of Celtic. As a result of the acquisition of Goodman, the unaudited, consolidated assets of Celtic on a proforma basis as of June 30, 1998 increased a total of 358% to $33,000,000 and consolidated revenues increased a total of 221% to approximately $9,000,000. The terms of the acquisition of Goodman provides continuity of management through five-year employment agreements with the executive management team of Goodman. According to Larry Meek, President of USCF and Goodman, "This acquisition is an important step in achieving the Company's mission statement of establishing itself as a premier national commercial finance company. The Company will continue its quest to build name recognition, saturate sat·u·rate v. Abbr. sat. 1. To imbue or impregnate thoroughly. 2. To soak, fill, or load to capacity. 3. To cause a substance to unite with the greatest possible amount of another substance. a wide variety of industries over a larger geographic area, and carve out specialty niche markets such as one serviced by Goodman. The Goodman acquisition is a pinnacle example of the Company's on-going acquisition/merger strategy." Certain matters discussed in this news release are forward-looking statements involving certain risks and uncertainties including, wihtout limitatation, changes in service demand, the availability of such services, changes in competition, economic conditions, changes in market conditions, and other risks detailed in the Company's Securities and Exchange Commission filings and reports. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion