INDIANAPOLIS–John M. Floyd & Associates (JMFA), which has relationships with numerous credit unions, has been acquired by HKW, a middle-market private equity firm focused on growth-oriented companies. With the acquisition several other changes have been announced.
Houston-based JMFA serves more than 350 regional/community bank and credit union customers with its core overdraft privilege program, and also provides vendor contract negotiation services. HKW said JMFA aligns with HKW’s business services sector focus, notably within the tech-enabled business services subsector.
“JMFA’s talented management team has built a profitable, recession-resistant business in a market with increasing demand for its services and meaningful potential for growth,” said Luke Phenicie, lead transaction partner at HKW, in a statement. “We believe our partnership with JMFA can result in both organic and strategic growth opportunities resulting from operational improvements, increased service offerings, and expanded geographic reach.”
Retirements, Succession Plan Announced
The company also announced the retirement of company founder, chairman and CEO John M. Floyd, and co-owner and COO Cher Floyd. Company veteran, John Cohron, has been named to succeed Floyd as CEO.
“The Floyd’s dedication to the company, employees and clients has truly been extraordinary, said Cohron in a statement. “Thanks to the ongoing commitment of our professional staff and the trust of our many valued clients over the years, the company has maintained an excellent track record of growth and customer loyalty.
“To support our fundamental mission of being the best in the business at helping our customers succeed, we have secured a strategic investment partnership with Indianapolis-based private equity firm Hammond, Kennedy, Whitney & Company, Inc.," he continued. "And, as we look ahead, we have an increased focus on growing JMFA’s capacity far beyond what it has ever been to help community banks and credit unions compete and prosper in their respective marketplaces by offering expanded products and consulting services.”
Cohron joined JMFA in 2002. The company said as CIO, Cochron has been the principal advisor to the executive team and directly managed the company’s consulting operations group. He has been responsible for client relationships related to the performance improvement aspect of consulting projects, all IT functions and software development for all programs, including the recently enhanced Privilege Manager CRM for the NEXT GENERATION JMFA OVERDRAFT PRIVILEGE program.