Daily News: August 30, 2019

Foley to Sell Factoring Business to Vero Business Capital

Foley Holdings, a portfolio company of Greyhawk Capital Management, signed an agreement to sell its factoring business, Foley Business Capital, to Vero Business Capital, based in Memphis.

“Today’s announcement marks a significant milestone for Foley Holdings, Foley Business Capital and Vero, creating value for our shareholders and representing an outstanding opportunity for Foley Business Capital employees to join a leading company in the factoring sector. We are confident it will continue to thrive under Vero leadership,” said Foley Holdings Chief Executive Officer Joel Sitak.

“I would like to thank the Foley Business Capital team for their significant contributions over the years and their dedication throughout the strategic review process,” he added.

Foley Business Capital is a freight factoring company, working in partnership with its customers to accelerate their cashflow and help expand their businesses.

Hovde Group served as the exclusive financial advisor to Foley Business Capital, and Goodwin Proctor served as legal advisors.