Independent SME funder, Bibby Financial Services (BFS), has announced the sale of its North American business to Global Merchant Fund Corporation (GMF) for an undisclosed sum.
BFS entered the North American market in 2001, first opening an office in Florida.
Today, the business has more than 100 employees based across six cities in the U.S. and Canada, supporting 900 small and medium-sized businesses.
David Postings, Global Chief Executive of BFS said: “Since first launching in North America in 2001, we have built a strong business with excellent client service levels, and one which provides vital support for small and medium sized companies in the U.S. and Canada.
“Following a strategic review, we have decided to focus and invest in other markets. The sale of our North American business to GMF represents good value for both parties.”
This sale is a positive milestone in our revised growth strategy.
DAVID POSTINGS, GLOBAL CHIEF EXECUTIVE, BIBBY FINANCIAL SERVICES
GMF provides alternative financial solutions primarily catered towards middle-market companies located in the U.S. and Canada through asset-based lending, factoring and supply chain financing.
Steve McDonald, GMF President said: “Bibby NAM, as is its UK parent, is a well-recognized firm that has been active in the invoice discounting through factoring space for years. We see great synergies between Bibby NAM and our other operating businesses. We intend to capitalize on those synergies.”
David Postings added: “This sale is a positive milestone in our revised growth strategy, and one which provides us with significant capital to facilitate investment in our core markets in 2020 and beyond.”
Keefe, Bruyette & Woods, Inc. (a Stifel Company) acted as the exclusive financial advisors and Alston & Bird LLP acted as the legal advisor to Bibby FS (Holdings) Limited on this transaction.