White Oak Acquires Capital Business Credit to Expand ABL Platform
December 15, 2016
White Oak Global Advisors expanded its asset-based lending platform through the acquisition of Capital Business Credit, a commercial finance company that provides asset-based loans, factoring and trade finance products to small and middle market companies.
As part of the transaction, White Oak acquired CBC’s existing loan portfolio, which is comprised of more than $300 million of assets employed, and the CBC team along with its office locations in New York; Charlotte, NC; Fort Lauderdale, FL; Los Angeles; Hong Kong and Shanghai. The CBC and White Oak platform will be able to provide asset-based loans, factoring and trade finance credit facilities ranging from $1 million to $100 million to underserved middle market companies.
“The acquisition of CBC expands White Oak’s lending capabilities into the significant and growing asset-based lending market while providing White Oak’s investors with attractive alternative credit strategies. Capitalizing on acquisitions of platforms with disciplined lending practices, such as CBC, is an important component of White Oak’s overall strategy,” White Oak CEO Andre Hakkak said.
“This transaction with White Oak provides CBC with the capability to offer a larger set of factoring and trade finance solutions and products. We now have the ability to finance larger, more complex transactions and the flexibility to offer our current clients a broader array of offerings,” said Andrew Tananbaum of CBC.
Houlihan Lokey served as an exclusive financial advisor to CBC in connection with the transaction.