Golden Gate Capital in cash services deal

The San Francisco-based firm has made plans to combine California-based Fast Cash Stores with current portfolio company California Check Cashing Stores.

San Francisco-based Golden Gate Capital has bought Fast Cash Stores, a San Jose, California-based provider of payday advance, check cashing and other financial services, for an undisclosed amount.

The firm will combine the company with its portfolio company California Check Cashing Stores, another California-based provider of alternative financial services. “The transaction creates the leading provider of check cashing and payday advance services in Northern California,” Richard Lake, the chief executive officer of California Check Cashing stores, said in a statement.

Golden Gate acquired California Check Cashing Stores for an undisclosed amount last October. The company’s management team remained in place following the completion of the deal and retained significant ownership in the company, Golden Gate said in a statement at the time of that transaction. California Check Cashing Stores’ services include check cashing, payday advance, wire transfers and bill payment services.

Golden Gate has about $3.4 billion of capital under management. In addition to the financial services industry, the firm invests in the software, semiconductor, electronics, media and retail sectors. The firm joined New York-based private equity firm Circle Peak Capital to acquire Rocket Dog, a designer, developer and distributor of footwear from fashion footwear company New York Transit for an undisclosed amount last month.