Daily News: May 10, 2016

Republic Business Credit Promotes Chesters to CEO

Republic Business Credit promoted Stewart Chesters to chief executive officer, managing member. Robert Meyers, chief commercial officer, was appointed managing member and will support Chesters in his new role.

A management-led buyout of the majority of the shareholders was completed by Chesters, Meyers and a large single family office, securing an extension of both its senior secured facility and institutional investor structured capital line.

“This management-led buyout supports the creation of long-term value in Republic through embracing technology, product development and a continuing customer-centric focus,” said Chesters.

Meyers, Chesters and the single family office contributed significant capital to buy out all of the existing shareholders, including its prior CEO, Allen E. Frederic, who will continue to provide his expertise to Republic Business Credit as vice chairman and will continue to be actively engaged in the American Factoring Association, International Factoring Association and the Commercial Finance Association.

Chesters, previously Republic’s president and COO, has stepped into the role of CEO and managing member. Meyers, following the investment, became a managing member in addition to his responsibilities as chief commercial officer.

“Investing into a strong business poised for substantive growth as part of its succession planning is a wonderful opportunity. Seeing the business add $12 million in new client facilities in the first quarter has been a thrilling start”, said Meyers.

“With these changes in place, Republic Business Credit will have the financial footing, flexibility and management needed to launch new products, grow its regional offices and expand into new locations,” said Frederic “I am proud to have been a founding member of Republic and look forward to supporting the team as it continues its growth and success.”