Metrolina Credit Company Charlotte and Concord locations acquired by ML Credit Group, LLC
For Immediate Release:
CHARLOTTE, NC, March 20, 2014 – Metrolina Credit Company ("Metrolina") announced that its locations in Charlotte and Concord, North Carolina have been acquired by ML Credit Group, LLC, an organization affiliated with the merchant banking firm Comstock Capital & Advisory Group ("Comstock"). The acquisitions complement Comstock’s earlier acquisition of the High Point, North Carolina branch of Metrolina. As an indirect, sub-prime automotive lender, Metrolina provides auto financing solutions for both franchise and independent dealers in North Carolina.
As part of the transaction, Douglas Marohn, former Senior Vice President of Nicholas Financial, Inc., has joined Metrolina as Chief Executive Officer. Commenting on the transaction, Mr. Marohn stated, "Metrolina has operated in the North Carolina market for over 20 years and has an excellent reputation for being an honest, straightforward lender, ready to provide financing solutions for its dealer partners. I am excited to perpetuate the brand that Metrolina has established as we expand within North Carolina and additional markets."
John Nagy, Managing Director of Comstock Capital commented, "We are extremely excited to partner with Mr. Marohn as we continue to expand the Metrolina platform in North Carolina. Mr. Marohn’s extensive experience in the indirect auto finance industry, particularly building best in class branch based operating models we believe well positions Metrolina for continued success as we expand the footprint."
Financing for the transaction was provided by First Tennessee Bank National Association.