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Friday, January 31, 2014 8:22:21 AM
IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced today that it has completed the acquisition of Infinity Franchise Holdings, LLC (“IFH”) and its wholly owned operating subsidiary Infinity Franchise Capital, LLC (“IFC”), a national lender to franchisees in the quick service restaurant (QSR) industry, and other direct and indirect subsidiaries of IFH utilized in its business. The acquisition was completed on January 30, 2014.
The value of the total consideration for the transaction was approximately $17.2 million, which was based upon the adjusted net asset value of IFH as of December 31, 2013, subject to final adjustment. The consideration consisted of 50% cash and 50% PPBI common stock. At December 31, 2013, IFH had approximately $82.3 million in total assets and $78.3 million of total loans outstanding.
“We are very pleased to complete our acquisition of IFH and further expand our commercial lending platform,” said Steven R. Gardner, President and Chief Executive Officer of the Company. “The acquisition of IFH gives us a strong presence in an attractive niche market that will provide additional geographic and industry diversification within our loan portfolio. Over the course of their career, the management team of IFH has originated more than $1.7 billion in franchisee loans and has developed excellent relationships within the quick service restaurant industry that consistently result in attractive lending opportunities. We are excited to have the IFH team join us, and we believe the franchisee lending business will give us another avenue for generating growth with assets that provide an attractive risk-adjusted return.”
Advisors
Pacific Premier Bancorp was advised in this transaction by Sandler O’Neill + Partners, as financial advisor, and Patton Boggs LLP, as legal counsel. Keefe, Bruyette & Woods, Inc. served as financial advisor to Infinity Franchise Holdings.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small- and medium-sized businesses in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego. The Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations nationwide. Pacific Premier Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach and one office in Dallas, Texas.
http://www.businesswire.com/news/home/20140131005112/en/Pacific-Premier-Bancorp-Announces-Completion-Acquisition-Infinity#.UuujRB6YaUk
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