Capital Business Credit, a New York-based business finance company, has been acquired by a San Francisco-based lender.
White Oak Global Advisors said Thursday that it will inherit Capital Business Credit's $300 million loan portfolio, along with its team of roughly 80 employees, who are based in New York, Charlotte, Fort Lauderdale, Hong Kong and Shanghai.
Financial terms of the deal were not disclosed.
Capital Business Credit's products include asset-based loans, trade-finance offerings, and factoring. The latter product enables small businesses pay a fee to receive, on an expedited basis, money they are owed by other businesses. Its merger with White Oak will allow its lenders to offer a larger set of products and to finance larger, more complex transactions. The combined firm is targeting small and middle-market businesses that need financing in amounts from $1 million to $100 million.
White Oak Global Advisors specializes in providing financing to small and midsize businesses. The firm said that the acquisition expands its lending capabilities into the growing asset-based lending market.