Sunset Brands, Inc., (SSBN), a Nevada corporation, trading on the Over the Counter (OTC) markets “pink sheets” as SSBN, announced today that the Company finalized the strategic acquisition of Investment Capital Fund Group (ICFG), a privately held automobile financial services company corporately located in Macon, Georgia.
ICFG has assets exceeding $70 million .The assets consist of collateralized and uncollateralized auto loans and leases. ICFG is a nationally licensed servicer of such loans in 40 States. The company began operating in 2009 and by 2010 had exceeded gross revenues of $600K. In 2011, gross revenues doubled to $1.2 million and have continued to grow each year. Last year in 2012, IGFG revenues increased to $1.6 million and the projections for 2013 are expected to increase substantially with the addition of SSBN’s corporate strength.
SSBN CEO, Alan Speck, said, "This is another significant move along our plan to offer a complete range of financial services. We trust the acquisition will contribute immediately to our balance sheet strength and is a 'pillar' and a strong contributor to the holding company’s performance. By leveraging the recently announced increase in our asset base, this business, along with future acquisitions, will be positioned for exponential growth. We are in the process of finalizing agreements on an additional acquisition clearly demonstrating a solid positioning in the financial services business sector.”
ICFG CEO, Gene Smith adds, “The combination of ICFG’s revenue model, coupled with the balance sheet strength of Sunset, will allow ICFG to fully implement a move to originate, both directly and indirectly, a marketing strategy that moves ICFG to the forefront as a “financing” source to both new car dealerships as well as high end used car dealers in the Southeastern US.”
Sunset Brands, Inc. dba Sunset Capital Assets is a diversified financial services firm focusing on acquisition and investment in federally insured banks, mortgage companies, real estate, title insurance, insurance, and management and consulting service primarily in the Southeast United States.
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Jeffrey S. Betros
Sunset Brands, Inc
Jeffrey S. Betros, 904-436-6217