SLR Investment’s wholly-owned portfolio company, SLR Business Credit (SLR-BC), acquired an asset-based factoring portfolio and operations from Webster Bank’s commercial services division in an asset purchase that includes a team of professionals and a seasoned portfolio.
The approximately $115 million portfolio acquired from Webster is diversified with loans to long-standing customers. This acquisition increases SLR-BC’s exposure to first lien senior secured collateralized assets.
“The addition of this business marks our fourth acquisition under the ownership of SLRC. We are pleased with the integration and performance of our prior acquisitions and are excited to expand our portfolio and product offering with this attractive factoring platform,” Jeff Goldrich, CEO of SLR-BC, said. “The Webster business has a proven track record of originating and managing factoring assets.”
“This acquisition furthers SLRC’s strategy of capitalizing on the shifting commercial bank landscape to expand its specialty finance platform,” Mitch Soiefer, partner and head of lender finance at SLR Capital Partners, said. “As commercial banks continue to retreat from certain niche markets, our pipeline of attractive investment opportunities has grown. Our expertise, coupled with our stable, long-term capital base, makes us an attractive partner for commercial-bank owned business lines.”
Hovde Group served as exclusive financial advisor to Webster in connection with the transaction.
