Diversified Lenders Acquires American Business Finance
Diversified Lenders (DLI) announced it has acquired Edmond, OK-based American Business Finance (ABF). Founded in 2003 by Dave Pendley, ABF is a privately owned accounts receivable financing source specializing in providing capital to growing businesses.
Pendley comes to DLI with over 48 years of experience in all forms of commercial and consumer secured lending services. In addition to working at GE Credit for 16 years, he was responsible for founding the First Asset-Based Lending Group in Oklahoma City. Upon their sale to Signal Capital in 1986, he served Signal’s commercial finance division on a national basis as its president. In late 1987, he left Signal to establish First Capital as an independent secured working capital lender. Upon selling his interest in First Capital in 2003, he founded American Business Finance. Pendley is the past chairman of the Commercial Finance Association and founder of the CFA/Wharton Institute of Secured Lending and the CFA Education Foundation.
On the acquisition, Pendley said, “I have known Donald Roberts for nearly three decades and have watched him grow Diversified Lenders into a dynamic customer focused commercial finance company. This opportunity to become a part of his multifaceted finance organization is a perfect fit for American Business Finance, allowing us to expand our offerings to our loyal referral sources that we service throughout the United States.”
“Diversified is seeking to expand by offering solutions to businesses involved in multiple industries around the country and ABF aligns with that goal perfectly. The long-standing relationship between our two management teams made this a natural fit and we are excited to have Dave Pendley and the wealth of knowledge and experience that he brings with him on our team,” stated Donald Roberts, chairman of Diversified Lenders. ABF will bring diversification to DLI’s portfolio in both industry and market presence and will contribute to their strategy of developing the Central region. Roberts added, “In addition to the growth that will take place, CEO Dave Pendley is a seasoned veteran in the asset-based lending industry.”