Rockbridge Growth Equity Leads Acquisition of Purchasing Power LLC, a Consumer-Friendly Credit Alternative

DETROIT, Oct. 24, 2011 /PRNewswire/ -- Rockbridge Growth Equity, LLC, a Detroit-based private equity firm that invests in financial and business services, consumer-direct marketing, and sports, media and entertainment industries, announced it has led the acquisition of Purchasing Power, LLC, a niche e-commerce business that provides employers a unique benefit to offer their employees:  the opportunity to leverage their paychecks to buy "big ticket" consumer goods regardless of credit score.

Founded in 2001, Purchasing Power's web-based business enables a qualified work force the ability to purchase an assortment of items, such as brand name computers, electronics and other expensive items via direct payroll deduction.  

"Purchasing Power is a distinctive e-commerce platform that provides an affordable, consumer-friendly credit alternative," said Kevin Prokop, Rockbridge Growth Equity Partner.  "We believe Purchasing Power's revolutionary and scalable operating platform, superior client service, and world-class management team will be the foundation for substantial growth in years to come."

Over the past three years, Purchasing Power's client list has grown by an average of 51 percent per year, making it the dominant leader in its market.  The company's 150 team members have serviced more than 600,000 orders since inception from a myriad of clients, ranging from Fortune 500 companies to government agencies. Purchasing Power differentiates itself from traditional e-commerce retailers through its unique payment plan value proposition, strategic benefit broker partnerships, internal marketing expertise and superior customer service.

Falcon Investment Advisors, a Boston based private equity firm with substantial investing experience across a variety of industries, partnered with Rockbridge in the acquisition, providing additional junior capital financing.  Purchasing Power's current President, Richard Carrano, has been named CEO of the company.

"We are excited to partner with Rockbridge and Falcon.  Rockbridge's deep operating knowledge and expertise in technology enabled service businesses and direct-to-consumer marketing will further accelerate Purchasing Power's growth," said Carrano.

Goldman Sachs Specialty Lending Group, L.P. and Fortress Credit Corp. were the lead agents on the $127 million senior secured credit facility provided to Purchasing Power.  The credit facility will also support significant future organic growth opportunities for Purchasing Power.

About Rockbridge Growth Equity, LLC:

Rockbridge Growth Equity, LLC is a Detroit, Michigan based private equity firm that invests in financial and business services, consumer-direct marketing, and sports, media & entertainment industries.  Rockbridge owns equity stakes in Connect America, My Insurance Expert, Account Now, Protect America, Northcentral University, One on One Marketing and One Reverse Mortgage, and is affiliated with other leading businesses in its target sectors including Quicken Loans, the Cleveland Cavaliers, Title Source, Fathead, Xenith and ePrize. For more information on Rockbridge Growth Equity, visit www.rbequity.com.

About Purchasing Power, LLC:

Headquartered in Atlanta, GA, Purchasing Power, LLC was founded in 2001 and offers customers an affordable alternative to purchase a broad variety of products and finance them through direct payroll deduction.

Purchasing Power differentiates itself from traditional e-commerce retailers through its unique payment plan value proposition, strategic benefit broker partnerships, internal marketing expertise and superior customer service.

The company has serviced more than 600,000 orders including Fortune 500 and government agencies.    For more information, visit www.purchasingpower.com.

About Falcon Investments:

Falcon Investment Advisors, LLC is a private equity firm with offices in Boston, New York, and Dallas, specializing in providing subordinated debt and other junior capital. Founded in July 2000 by Mr. Sandeep Alva, Falcon has over $1 billion under management. Falcon has substantial investing experience across a variety of industries.

NOTE TO EDITORS: When reporting the company name, please reference it in its entirety: Quicken Loans.

SOURCE Rockbridge Growth Equity, LLC