Mintaka Financial to acquire majority stake in Summit Commercial Finance.

Mintaka Financial, a commercial finance company, agreed to acquire majority stake in Summit Commercial Finance. Financial terms were not disclosed. The deal comes as part of Mintaka's strategy to form closer relationships with origination channels, to better understand customer and vendor needs. With the acquisition of Summit, Mintaka will benefit from direct relationships with Summit's vendor channel affiliates and the ability to develop more competitive products to borrowers. "This is the culmination of an extremely close relationship this deal enables us to be closer to the customer and better understand the market, ultimately leading to more competitive offerings. In addition, our ability to dedicate additional sales and marketing resources towards deeper vertical market penetration means growth for our company and more value for our investors," Quentin Cote, Mintaka President.