Lower-middle-market private equity firm Southfield Capital LLC sold Spectrum Automotive Holdings Corp. to Cornell Capital LLC.
Spectrum Automotive is an agent, marketer and administrator of finance and insurance products and services for the automobile market. The company's management team will remain as substantial shareholders in partnership with Cornell Capital.
Sandler O'Neill & Partners LP was financial adviser to Southfield, with Finn Dixon & Herling acting as legal adviser. PwC provided transaction advisory services.
