Daily News: March 12, 2012

Gibraltar Acquires Greenfield Commercial Credit


Gibraltar Business Capital, a provider of asset-based loans and factoring solutions for small- and medium-sized businesses, said it has acquired Greenfield Commercial Credit.

To finance its acquisition, Gibraltar received additional equity investments from its current shareholders, CCCC Growth Fund and Satori Capital, and a material increase in its debt facility led by Wells Fargo Capital Finance.

Headquartered in Bloomfield Hills, MI, Greenfield has been a factoring and asset-based lender for 15 years for small- to medium-sized businesses in the Midwest market.

Gibraltar will now have resources in Chicago, New York, Houston, Los Angeles, Detroit and Atlanta focused on providing asset-based loans and factoring solutions to borrowers seeking financing of $100,000 to $5,000,000.

“With the addition of Greenfield, including all of their talented people, Gibraltar will be able to continue to grow and expand our creative financing products,” said Darren Latimer, CEO of Gibraltar. “Gibraltar now has nation-wide coverage and a larger team to support our existing and future customers.”

“We believe Gibraltar and Greenfield are culturally well-aligned and our team is enthusiastic to support the combined company through our next phase of growth” said Ed Lewan, president of Greenfield.

Katten Muchin Rosenman and Robbins, Salomon & Patt acted as legal counsel to Gibraltar, CCCC Growth Fund and Satori Capital in connection with the transaction.

Milestone Advisors served as exclusive financial advisor to Greenfield in connection with the transaction.