CBC Purchases Loan Portfolio of Omni Commercial
June 20, 2011
Capital Business Credit LLC (CBC) announced the purchase of the loan portfolio of Omni Commercial, a commercial lender to small- and mid-market companies.
“CBC is in a growth mode, with a strong focus on expanding our factoring and asset-based lending offerings,” said Marc Adelson, president and chief executive officer of CBC. “The purchase of Omni’s loan portfolio is in line with our strategy to provide alternative finance solutions to small and mid-market companies.”
Founded in 1987 by Jack McCarroll and Jim Kennedy, Omni provides collection factoring, advance factoring, asset-based lending and letters of credit to small- and mid-size companies. Omni executives Joseph Pepe and Kevin Stapleton will continue to service the Omni loans as part of the CBC team. Jack McCarroll, president of Omni, will consult with the CBC team with respect to the Omni accounts.
“Omni and CBC have worked together for more than six years and during this time we have looked for opportunities to align ourselves more closely,” said McCarroll. “We look forward to better serving our accounts by taking advantage of CBC’s integrated set of financial products, experienced management team and strong balance sheet.”
“Omni is well-established in the New York market with long-term customers. By purchasing the Omni portfolio of accounts, Omni clients will have more access to credit to grow their businesses,” said Andrew Tananbaum, executive chairman of CBC.
Established in 1988, Capital Business Credit LLC is a commercial finance company specializing in providing creative supply chain financing solutions. The company’s service offerings include: full-service factoring; accounts receivable management services; inventory lending; asset-based lending; and international financing.
CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S.-based importers working with Asia-based suppliers (exporters).