Downtown Capital Partners Announces Acquisition of Plus Funding Group, A Finance/Factoring Receivables Company
Downtown Capital Partners, LP (“DCP”) has acquired and recapitalized Plus Funding Group (“PFG”), a Tarrytown, New York-based commercial factoring company. DCP is an alternative asset based lender serving lower middle-market companies, real estate projects, and high net worth individuals. The terms of the transaction were not disclosed. PFG’s existing team and client base remain in place.
The purpose of the acquisition is to provide a broader range of financing capabilities to both DCP’s and PFG’s clients, and to provide PFG with the capital necessary to substantially enlarge its client financing capabilities.
Services that PFG provides its clients include: accounts receivable financing, purchase order and trade finance (letters of credit), lines of credit, liaison services to equipment financing, SBA loans, health care and medical financing.
Industries that PFG services includes: manufacturing, importing and distribution, service business, apparel and accessories, food, retail, transportation, medical, real estate, IT and staffing.
Gary Katz, managing partner of DCP, stated that, “I am very excited about this acquisition. The synergies of this transaction between our two firms are very appealing on all levels — client-base, personnel, systems, and most importantly, culture. We fully expect this combination to help both existing and new clients grow their businesses, and we are now able to provide ‘soup to nuts’ capabilities in purchase order finance, factoring, asset based and real estate lending, as well as convertible equity solutions”.
Robert Blum, with over twenty-five years of financial industry experience, including most recently as co-founder of Full Circle Funding in 2005, was named chairman of PFG. Discussing the acquisition, Mr. Blum stated that, “I am very pleased to assist DCP in this new effort. We expect to grow PFG’s platform, building upon the great job that the founders of PFG did in creating a transparent and operationally sound factoring business, with a very professional team that understands the importance of customer service.”
Mr. Blum added that, “The areas of the financial world that I come from don’t always understand the critical role that factoring and purchase order finance can play in the capital needs of emerging companies. DCP has been, and will continue to be focused on providing a fully transparent, best practices user experience to its clients, and will hopefully grow with them as their capital needs evolve and expand”.
Please contact Gregg Rubin, President and Chief Credit Officer, tel: 646-558-6452, email: firstname.lastname@example.org, or Robert Blum tel. 914-220-6260, email: email@example.com to discuss your funding needs.
About Plus Funding Group:
Headquartered in Westchester County, NY, PFG is engaged in the commercial factoring business. The company offers accounts receivable financing, purchase order, production financing (work in progress) and lines of credit to its clients. The company generates revenues and earnings primarily through the purchase and collection of receivables.
About Downtown Capital Partners:
DCP is an alternative asset based lender serving lower middle-market companies, real estate projects, and high net worth individuals. Since its launch in 2010, DCP has closed and funded over 30 transactions representing over $130 million in loans, and the current portfolio exceeds $70 million. DCP is affiliated with Downtown Family Advisors (DFA), a family office based in White Plains, New York that manages a wide range of public, private, and real estate investments.