Daily News: November 1, 2012

Hitachi Capital America Enters ABL, Factoring Businesses

Hitachi Capital America said that effective November 1, 2012, it has acquired the assets and operations of Michigan-based Hennessey Capital, which will operate as a division of Hitachi Capital America to further improve its capability of providing asset-based lending and factoring to businesses nationwide.

“The addition of the Hennessey Capital team and infrastructure to our company is a perfect strategic fit, highlighted by a successful business relationship over the past year,” said William H. Besgen, president of Hitachi Capital America. “Their factoring and asset-based lending products complement financing options we currently provide to Hitachi companies and their customers, enabling us to enhance the value we offer; both now and in the future.”

Since 2002, Hennessey Capital has been providing working capital financing to help companies increase cash flow and enhance profitability. “This was an opportunity for us to partner with a company who shares our philosophy of helping grow entrepreneurial companies and providing superior client service,” said Michael Semanco, president of Hennessey Capital. “This partnership will give us access to greater resources as we develop our business model for the future.”