SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced today that Wells Fargo Bank, N.A. has completed its acquisition of CP Equity LLC, the sole owner of Castle Pines Capital LLC and its affiliates, Castle Pines Capital International LLC and CPC Global LLC (collectively, “Castle Pines Capital” or “CPC”). The transaction, originally announced on May 26, closed on July 1.
Castle Pines Capital’s channel finance capabilities will join the family of commercial finance products and services offered by Wells Fargo Capital Finance, part of the Wholesale Banking group. The business will continue to serve its customers and marketplace under the Castle Pines Capital identity while its systems and processes are added to those of the broader organization.
“We are pleased to welcome the CPC team and move ahead in our plan to bring the two organizations together,” said Wells Fargo Capital Finance Executive Vice President Andrea Petro, to whom the business will report. “As a Wells Fargo company, Castle Pines Capital is ready today to offer resellers in technology industries an unparalleled range of financial products and services for their success.”
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.