Alterna Equity Partners (“AEP”), a South Florida-based lower middle market private equity firm, announced the 100% sale of one of its portfolio companies, Alterna Capital Solutions, LLC (“ACS”) to Paychex, Inc. (“Paychex”). The sale of ACS represents a successful exit for AEP. The transaction closed effective July 31, 2023 and terms of the transaction were not disclosed.  

ACS, headquartered in Winter Park, Florida, is a specialty finance company offering a range of financing solutions to small business clients including invoice financing, asset-based lines of credit, term loans and other complimentary financing solutions. ACS has a team of senior-level sourcing professionals across several offices nationwide.

AEP founded ACS in 2018 by capitalizing senior management to create a best-in-class accounts receivable financing company. ACS achieved significant organic growth during AEP’s hold period and AEP made a follow-on investment in March 2020 to support that growth.

Greenberg Traurig acted as legal counsel to ACS and AEP on the sale to Paychex and Hovde Group served as exclusive financial adviser to ACS on the transaction.