Tammac Holdings Corporation Secures Additional Capital to Expand Operations
Wilkes-Barre, PA, May 5, 2005 - Tammac Holdings Corporation ('Tammac' or 'the Company'), a specialty finance company focused on the manufactured housing industry, announced that it has formed a strategic financial relationship with equity investors LLR Partners Inc. ('LLR') and Greenhill Capital Partners, LLC ('Greenhill') and lenders RBS Greenwich Capital and Textron Financial. These new relationships provide expanded borrowing capacity to facilitate aggressive growth of its dealer network and increased origination volume of consumer loans.
Tammac's increased access to capital from leading industry lenders will allow Tammac to include a greater number of qualified dealers within the Northeast, Mid-Atlantic and Mid-Western United States in its floor plan financing program. Tammac's dealers will also benefit from the insight and experience of the Company's strategic relationships in order to better support dealer growth and implement industry best practices. Tammac's growing dealer network and increasing origination volume, combined with its stringent credit standards and market niche, have positioned the Company as a leader in the manufactured housing finance industry.
Robert Tambur, Chairman and Founder of Tammac said, "We are thrilled to partner with LLR and Greenhill as we take our business to the next level. Their demonstrated expertise in supporting growth companies and extensive resources will be instrumental in helping Tammac achieve its aggressive growth objectives."
"Tammac has consistently managed to attract a high credit quality customer base," said Mitchell Hollin, a Partner at LLR. "We believe that Tammac will be able to leverage its increased access to capital to successfully grow its dealer network and originations volume."
Robert H. Niehaus, Chairman of Greenhill Capital Partners added, "Several large manufactured housing finance companies have exited the business over the last few years due to significant credit losses resulting from poor underwriting policies. Tammac has successfully been providing financing to the manufactured housing industry for more than 25 years. We are delighted to become partners with Bob Tambur and his strong management team."
About Tammac Holdings Corporation (Tammac)
Tammac is a specialty finance business that originates loans to end-market customers for the purchase of manufactured homes and provides inventory financing to manufactured housing dealers. Tammac is based in Wilkes-Barre, Pennsylvania. For more information about Tammac, please visit www.tammaccredit.com.
About LLR Partners Inc. (LLR)
LLR Partners Inc. is a $620 million private equity firm providing capital to middle market companies with growth potential, proven business models and outstanding management teams. LLR makes investments of $10 million to $40 million in a broad range of industries, with an emphasis on business services, healthcare, financial services and information technology. Based in the Philadelphia area, LLR seeks to create value through a variety of transactions, including buyouts, recapitalizations and expansion capital investments. For more information about LLR, please visit www.LLRPartners.com.
About Greenhill Capital Partners, LLC (Greenhill)
Greenhill Capital Partners ("GCP") is an affiliate of Greenhill & Co., Inc. (NYSE: GHL), an independent global investment banking firm. GCP manages several private equity funds which have raised nearly $1 billion in capital, focusing on the energy, financial services and telecommunications industries. Greenhill & Co. was founded in 1996 and provides financial advisory and merchant banking fund management services through its offices in New York, London, Frankfurt and Dallas. For more information please visit www.greenhill-co.com.
Press Contact:
Gregory FCA Communications Inc. - Kristy Lash - 610-642-8253
Corporate Contact:
Tammac - Robert Tambur - 570.825.9501
LLR Partners - Mitchell Hollin - 215.717.2900; David Reuter - 215.717.2900
Greenhill Capital Partners - Robert H. Niehaus - 212.389.1550