Charlotte’s Commercial Credit Group postpones its IPO

Charlotte-based Commercial Credit Group has postponed its plans to go public this week, according to Renaissance Capital, which tracks initial public offerings.

It’s likely the company, which provides commercial equipment loans to small and midsize construction, transportation and waste companies, delayed its IPO because the private equity firm selling the stock couldn’t get a satisfactory price, said Tiffany Ng, a senior research analyst with Renaissance Capital.

Commercial Credit’s president, Dan McDonough, could not be immediately reached for comment.

Commercial Credit Group planned to sell 7.3 million shares of stock at a price between $15 and $17 per share, according to documents filed with the Securities and Exchange Commission.

At the top of the range, the company could have raised up to $123 million. Lovell Minnick Equity Partners, which bought a controlling stake in the company in 2012, would have seen its ownership interest drop from 75 percent to 41 percent as a result of the stock sale.

Because its IPO is still filed with the SEC, Commercial Credit Group is still able to go public, or it can completely withdraw its application, Ng said.

Another specialty finance firm, Las Vegas-based International Market Centers, also postponed its IPO this week, according to Renaissance Capital, citing market conditions.

Commercial Credit Group pulled back on its IPO the same week another Charlotte company – restaurant chain Bojangles’ – made a successful Wall Street debut.

This story was originally published May 8, 2015 at 1:11 PM with the headline "Charlotte’s Commercial Credit Group postpones its IPO."