Monday, Jul. 16, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
CARMEL, Ind. — Indiana-based Dealer Services Corp., a portfolio company of Angelo, Gordon & Co., announced it has entered into a three-year, $700 million asset-backed financing agreement, which was structured and arranged by Deutsche Bank Securities.
"Realizing the need for a truly independent financing source for independent dealers, I saw the opportunity to assemble a dynamic team with extraordinary entrepreneurial skills to challenge the industry and this new financing agreement provides us with the opportunity for continued exceptional growth," said John Fuller, founder and chief executive officer.
Floor-planning company DSC was launched in February 2005, and in July 2005 it began funding dealer purchases.
According to officials, in less than two years, the company has reached $550 million in diversified product receivables, with 375 employees and more than 65 branch locations throughout the country.
"This financing transaction is a major milestone for DSC and will provide a significant boost to the company's earnings and its competitive position in the market," said Joel Schwartz, a managing director at Angelo Gordon.
"John Fuller and his team have done an outstanding job building DSC into a leader in this industry, and we are very excited about the company's growth and future prospects," he added.
For more information on the company, visit .
Editor's Note: Indiana-based Dealer Services Corp. is a floor-planning company and has no relation to Florida-based Dealer Service Corp.