Cedar Rapids-based GreatAmerica buys franchise financial business IRH Capital

Cedar Rapids-based GreatAmerica Financial Services has acquired the assets of franchise financing business IRH Capital, the company said Wednesday.

The purchase was effective Jan. 1. IRH employees will continue to work in the Northbrook, Ill., office, GreatAmerica said in a news release.

Financial terms of the deal were not released.

IRH principal Keith Rabin will head the GreatAmerica franchise division. The division will report to Brian Bjella, senior vice president of Specialty Markets Group within GreatAmerica and general manager.

“IRH and team has deep industry knowledge and relationships with some of the healthiest franchise brands in the country,” Bjella said.

“We are excited to provide additional resources to help fuel IRH’s continued growth within the franchise finance industry.”

GreatAmerica, a family-owned national commercial equipment finance company, reports more than $2.4 billion in assets.

The 30-year-old business has offices in Iowa, Georgia, Minnesota and Illinois.

IRH was founded in 2001 and privies store acquisition, new build, remodel, refinance and equipment purchase financing, according to the release.