Michelex Corporation has announced that it has acquired all of the issued and outstanding shares of United Mortgage Bankers Ltd. d/b/a United Merchant Bankers, a financial services company based in Stamford, Conn. As a result of the acquisition, United became a subsidiary of Michelex. As part of the acquisition, a new board of directors of Michelex has been constituted. Thomas Gramuglia has retired as the chief executive officer of Michelex and Albert Lacle has been appointed as the new chief executive officer of Michelex.
Lacle is a seasoned hotel sales and marketing executive, trained with such industry giants as Intercontinental Hotels, Holiday Inn Corporation and Hilton Hotels. He held positions of vice president of sales and marketing for the Sands Casino Hotel, senior vice president of marketing with Inter-Hotels Hospitality Services and executive director of marketing for the Trump Taj Mahal in Atlantic City. Lacle studied marketing at Cornell University and holds a degree in hotel management.
United Mortgage Bankers Ltd. has $3 million paid up capital besides having $10.5 million in funds for investment into projects. United contemplates to focus on receivables factoring and project financing.