FINANCE
Capital Business Credit Acquired by White Oak
Capital Business Credit, the New York–based finance company with strong ties to the apparel industry, has been acquired for an undisclosed price by White Oak, a San Francisco firm that loans money to small- and medium-sized businesses.
As part of the deal, White Oak acquired CBC’s existing loan portfolio, which consists of more than $300 million in assets. White Oak will be employing the 80 members of CBC’s team, which includes Andrew Tananbaum, Robert Grbic and Michael Fortino. CBC has offices in Los Angeles; New York; Shanghai; Charlotte, N.C.; and Fort Lauderdale, Fla.
With the acquisition, White Oak will be able to provide asset-based loans and trade-finance credit for up to $100 million.
“The acquisition of CBC expands White Oak’s lending capabilities into the significant and growing asset-based lending market while providing White Oak’s investors with attractive alternative credit strategies,” said White Oak Chief Executive André Hakkak in a statement. “Capitalizing on acquisitions of platforms with disciplined lending practices, such as CBC, is an important component of White Oak’s overall strategy.
Tananbaum, executive chairman of CBC, said the transaction provides CBC with the ability to offer a larger set of factoring and trade-finance solutions and products. “We now have the ability to finance larger, more complex transactions and the flexibility to offer our current clients a broader army of offerings,” he said.
