Stone Point Capital has exited lending platform Access Point Financial to WCP Investments, in a deal worth over $350m.
The acquisition also saw a contribution from APF Management, with the new partnerships set to help Access Point Financial with platform expansion.
Atlanta-based Access Point financial is a lending and advisory service for the hospitality industry across the US and Canada. The company was created by Stone Point Capital in 2011, and offers qualified hotel franchises and independents with tailored loan and capital lease products. Available plans include bridge financing and CapEX/FF&E financing, which are up to $25m and mortgage/new construction loans, which can be taken out up to $40m.
Since its inception, the company has helped facilitate around 650 loans, representing approximately $3.5bn in total value.
APF chairman and CEO Jon Wright said, â€œWe are delighted with the success we have achieved since our initial capitalization in 2011 and will now move to grow the platform to even greater heights with WCPI as our financial partner.â€
Stone Point Capital have made several investments this year with its sixth vehicle including the acquisition of Bankruptcy Management Solutions. The firm has also invested into wealth management platform Focus Financial Partners and bankruptcy and mass tort claim administration platform JND Holdings.
The second quarter of 2017 saw only $224m funding across 11 deals in the marketplace lending sector in North America, compared to the prior sector nearly hitting $1.8bn in 15 deals.
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