Pacific Premier To Buy Privately Held Infinity Franchise For About $16 Mln

(RTTNews) - Pacific Premier Bancorp, Inc. (PPBI), the holding company of Pacific Premier Bank, Monday said it entered into a definitive agreement to acquire privately held Infinity Franchise Holdings, LLC, or IFH and its wholly owned operating subsidiary Infinity Franchise Capital, LLC, or IFC, and other direct and indirect subsidiaries of IFH utilized in its business. The equity purchase price is valued to be about $16 million in a cash and stock deal.

IFC had about $79 million in loan commitments and $75 million in loans outstanding with no delinquent loans or adversely classified assets, as of October 31. The deal is expected to add to the 2014 earnings per share and to generate an internal rate of return in excess of 20 percent for Pacific Premier.

The acquisition is expected to close in the current quarter or early 2014, after which IFC will be rebranded as Pacific Premier Franchise Capital and operate as a division of Pacific Premier.

PPBI was advised in this transaction by Sandler O'Neill + Partners, L. P., as financial advisor, and Patton Boggs LLP, as legal counsel, while Keefe, Bruyette and Woods, Inc. served as financial advisor to IFH.