SLR Investment Corp. Announces Acquisition of Factoring Business
30 Settembre 2024 - 3:00PM
SLR Investment Corp. (NASDAQ: SLRC) (the “Company” or “SLRC”)
today announced that on September 27, its wholly-owned portfolio
company, SLR Business Credit (“SLR-BC”) acquired an asset-based
factoring portfolio and operations from Webster Bank, N.A.’s
Commercial Services Division (“Webster”) in an asset purchase that
includes a team of professionals and a seasoned portfolio. The
factoring business specializes in providing financing solutions to
middle-market companies. SLR-BC is a commercial finance company
that specializes in making senior secured asset-based loans and
factoring to small and medium-sized companies with borrowing needs
of $100,000 up to $100 million.
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 the asset-based factoring business, along with
its team, further enhances SLRC's diversified specialty finance
platform. The Company has a proven history of underwriting and
integrating strong lending platforms that are seeking long-term,
stable capital and synergies with a new strategic partner.
“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,” said Jeff Goldrich, CEO of SLR-BC. “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,” said Mitch Soiefer, Partner and Head of Lender
Finance at SLR Capital Partners, LLC. “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.
About SLR Investment Corp.
SLR Investment Corp. is a closed-end investment company that has
elected to be regulated as a business development company under the
Investment Company Act of 1940. A specialty finance company with
expertise in several niche markets, the Company primarily invests
in leveraged, U.S. upper middle market companies in the form of
cash flow, asset-based, and life sciences senior secured loans.
SLRC is externally managed by SLR Capital Partners, LLC, an
independent investment adviser. For more information, please
visit slrinvestmentcorp.com.
About SLR Business Credit
SLR Business Credit is a leading asset-based lending commercial
finance company that specializes in making senior secured
asset-based loans and factoring to small and medium-sized companies
with borrowing needs of $100,000 up to $100 million. In addition to
its traditional core asset-based lending and factoring products,
SLR Business Credit also manages SLR Digital Finance, which focuses
on ad tech and media factoring / asset-based lending. For more
information, please visit SLRBusinessCredit.com.
Forward-Looking Statements
Some of the statements in this press release may constitute
forward-looking statements because they may relate to future
events, future performance or financial condition, which involve
risks and uncertainties. Words such as “anticipate,” “believe,”
“expect,” “seek,” “plan,” “should,” “estimate,” “project” and
“intend” indicate forward-looking statements, although not all
forward-looking statements include these words. Any forward-looking
statements included in this press release are based on information
available to SLRC on the date of this press release, and SLRC
assumes no obligation to update any such forward-looking
statements. Although SLRC undertakes no obligation to revise or
update any forward-looking statements, whether as a result of new
information, future events or otherwise, you are advised to consult
any additional disclosures that it may make directly to you or
through reports that SLRC in the future may file with the
Securities and Exchange Commission, including annual reports on
Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K.
Contact
Mitch Soiefer
Head of Lender Finance
msoiefer@slrcp.com | (212) 993-1681
Investor Relations
slrinvestorrelations@slrcp.com | (646) 308-8770
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