As of Friday, May 8, 2015
Fast A/R Funding, a 6-year-old specialty finance company based in Calabasas, Calif., has acquired Continental Business Credit for an undisclosed amount.
Continental Business Credit, which pro-vides factoring services and asset-based financing from its headquarters in Woodland Hills, Calif., will continue to operate under its current name as a business unit of Fast A/R Funding. Together, the two companies will serve more than 150 clients.
“This is a win/win opportunity,” said Lee Hirsch, who founded Continental Business Credit in 1989. He will be president of the business unit and will oversee growth strategies and client expansion.
“The acquisition allows our clients to benefit from service enhancements while continuing the longstanding relationships with the Continental team,” Hirsch added. “I have an abundance of respect for Fast A/R Funding’s team, and I look forward to expanding our marketplace and the clients we serve.” With the acquisition, Continental will have access to a significantly stronger capital base, enhanced back-office services and technological advancements, Fast A/R Funding executives said.
“This acquisition is a chance for us to expand our reach into new market areas, including apparel, and other consumer product markets while realizing the benefit of a network of clients that have counted on Continental Business Credit for nearly three decades,” said Matt Begley, chief executive officer of Fast A/R Funding.
“Our technology base and streamlined processing will allow their clients to more quickly access funding while still dealing with familiar Continental personnel. Going forward, our combined portfolio size will also allow us to complete larger loans to existing and new clients.”
Fast A/R Funding was founded in 2009 by Jonah Schnel, who remains the company’s executive chairman. “We saw a unique opportunity to acquire a strong, local brand in the traditional factoring space here in Southern California. By utilizing our significant capital reserves, technology platform and financing expertise, we know both Fast A/R Funding and Continental are poised for substantial growth in the years to come,” Schnel said.
Financing for the acquisition was provided by Wells Fargo Capital Finance.