Altamont Capital Partners Invests in Kinetic Advantage
Summary
Mr. McFarland said, “Having operated in the auto sector our entire careers, my team and I see a real need for a new provider that can serve as a truly platform agnostic floorplan financing partner to independent dealers. We recognize the pain points present in the industry – which have only been exacerbated by the pandemic – and are optimistic that our entry into the market will provide a welcome solution to our new dealer and auction partners.” Keoni Schwartz, Managing Director of Altamont, commented, “We were impressed by the vision that Marty and his team discussed in our initial dialogue and are thrilled to partner with Kinetic. We have deep familiarity with floorplan financing through our prior investment activity and current portfolio, and recognize the clear market need for a true partner to dealers that will provide transparent pricing, a hassle-free collateral audit process and technology solutions that deliver a more streamlined experience.” Sam Gaynor, Managing Director of Altamont, added, “Altamont has a track record of backing best-in-class operators in financial services to address market needs, and that is the case with Kinetic. We have committed significant equity capital to the business to support its ambitious loan growth forecast and look forward to leveraging our breadth of operational resources to ensure the success of its national rollout.” Terms of the transaction were not disclosed. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential.