North Mill Capital, a wholly owned subsidiary of Solar Senior Capital, has acquired Summit Financial Resources, a provider of factoring services across the U.S.  Founded in 1994 and based in Salt Lake City, Utah, Summit has built a diversified portfolio of accounts receivable factoring spanning a broad geography of clients across numerous industries, including a primary focus on borrowers operating in manufacturing, business services and transportation.

“Summit immediately expands North Mill’s geographic reach, significantly increases the scale of our existing factoring business, and allows us to employ the sizeable permanent capital base of our parent company,” said Jeff Goldrich, North Mill CEO. “Summit will maintain its office in Salt Lake City while North Mill will continue to operate its full service offices in Princeton, New Jersey and Minneapolis, Minnesota.”

Post-acquisition, North Mill has 10 business development officers strategically located throughout the U.S. while providing complete portfolio management capabilities across the three offices. These resources position North Mill to both originate and service asset-based loans and factoring facilities nationwide and better position the combined business to take advantage of the market opportunity.

Hovde Group, LLC served as exclusive financial advisor to Summit Financial Resources in connection with the transaction.