ABLE CARD, LLC. - continued
SAN DIEGO, Feb. 25, 2009 – First Nations Capital Partners (FNCP) today announced its first portfolio investment that being the acquisition of Able Card LLC, a maker of plastic cards now located in Azusa, Calif.
"This investment by First Nations is an example of Wells Fargo's commitment to small business development and community economic development," said Bob Taylor, head of the Wells Fargo CDC, who helped start the fund with Wells Fargo's capital injection in April 2008. The deal will keep Able Card in a facility close to Los Angeles, preserve jobs for over 50 Latino and Asian employees, and enable expansion and entry into new markets.
""Rincon's investment shows our commitment to the development of California's economy and to the management of Able Card," said Bo Mazzetti, Chairman of the Rincon Band of Luiseno Indians. "This is only the first step in our economic diversification strategies with our partners at First Nations."
Able Card, founded in 1989, manufactures approximately 80 million plastic cards per year. Based in a 27,000 square-foot facility near Los Angeles, the company specializes in short- and medium-volume production runs for customers who need quick turnaround. Able Card has grown with the increasing popularity of plastic identification and other cards among institutions such as casinos, hotels, libraries, clubs, retailers, schools, and corporations. A team of the company's management remains as co-owners.
"Our purchasing department was impressed with the quality of Able Card's product," said Bonnie Pullen, CFO of the Colusa Indian Community, which recently became an Able Card customer. "We will continue to look for similar acquisitions where we can create synergy with tribal plans to diversify and invest in quality companies."