Seacoast Banking Corp. of Florida in Stuart has acquired First Growth Capital, a firm that handles receivables funding.
The $3.1 billion-asset Seacoast said in a press release Monday that its bank bought certain assets, factored receivables and "employee expertise" from First Growth Capital for an undisclosed price.
The transaction expands Seacoast's receivables funding capabilities. First Growth Capital provides invoice financing and small asset-based facilities to firms with annual business-to-business domestic sales of $2 million to $250 million. Jay Atkins, First Growth Capital's president, joined Seacoast as president of a new division branded as Seacoast Business Funding.
"When a company needs cash to operate and grow, a slow invoice turnaround can tie up valuable working cash needed to invest back in to one's business," Charles Cross Jr., Seacoast's commercial market executive, said in the release. "We're constantly exploring new ways to help our customers simplify the financial aspects of their businesses so they can focus on growth. The lift-out of First Growth Capital and its entire team enables us to build upon our full suite of financing options for our business customers."