Tower Partners, a lower-middle market investment bank with a focus on family, founder, and entrepreneurial-led businesses, has successfully executed the sale of REV Capital’s U.S. transportation factoring portfolio to the financial services division of Love's Travel Stops.
REV, long recognized for their expertise in managing cashflow for a wide range of companies in need of working capital, sold their U.S. transportation portfolio to Love’s Financial. For REV, the sale is part of a new market strategy focused on providing leading commercial finance solutions across North America.
“Having worked with the Tower Partners team for years on our U.S. market and buy-side strategy, their insights and process contributed to a valuable outcome for all of REV’s stakeholders, and most importantly, our clients.” said Loren Shifrin, CEO and founder of REV Capital.
“We are pleased with the sale of REV’s U.S. transportation factoring portfolio to Love’s, which assists REV in executing their U.S. market repositioning,” said Raphael Fahrwald, Director of Tower’s Specialty Finance Platform.“The sale enables REV to focus on growth opportunities in high-potential markets.”
Ervin M. Terwilliger, CEO and founder of Tower Partners, said the sale was a perfect match between REV and Love’s.
“We worked closely with REV to determine what buyer would fit best in light of the contemplated strategic shift,” Terwilliger said. “The deal with Love’s allowed for a client centric solution during REV’s U.S. strategy refocus.
Through the acquisition process, more than 500 clients in REV Capital’s U.S. transportation factoring portfolio were transitioned to Love’s Financial without any disruptions or delays in funding.
“These new clients can expect the same best-in-class customer service Love’s existing customers have come to expect, with scalable funding to maximize growth and cash flow,” said Shane Wharton, Love’s president.
REV was represented by the law firm of Barclay Damon LLP, which is based in Syracuse, N.Y. While Love’s was represented by McAfee & Taft, a full-service law firm in Oklahoma, and Levinson Arshonsky Kurtz & Komsky, LLP of Sherman Oaks, CA.
Details of the sales were not disclosed.