Rosenthal Acquires Domestic Factoring Portfolio From BB&T (NYSE: BBT)
Deal Includes 90 Clients, Adds Approximately $2B to Existing $9B Factored Volume
NEW YORK, Jan. 31, 2018 /PRNewswire/ -- Rosenthal & Rosenthal, Inc., the leading independent factoring, asset based lending and purchase order financing firm in the United States, today announced the completion of a deal to acquire the domestic factoring portfolio of BB&T Corporation (NYSE: BBT), one of the largest financial services holding companies in the United States.
As part of the deal, Rosenthal will acquire BB&T's portfolio of 90 factoring clients, adding approximately $2 billion in volume to its already robust $9 billion in factored volume. Rosenthal will add a front office in Georgia and back office support in North Carolina to manage the new portfolio. These two new locations complement Rosenthal's already existing California office and New York headquarters. Twenty-five BB&T factoring professionals will join the nearly 200 Rosenthal staff currently serving the firm's clients nationwide.
The deal marks the first acquisition in Rosenthal's 80-year history and positions the firm to further diversify the regions and industries it currently serves. This significant expansion allows Rosenthal to continue to develop new business opportunities within the furniture, casual living, fabrics and textiles industries, alongside the fashion, apparel, accessories, manufacturing, food & beverage and gift & home sectors, where Rosenthal has had historically strong relationships.
"We are excited to acquire BB&T's portfolio of factoring clients and honored to welcome their talented team of professionals into the Rosenthal family," said Peter Rosenthal, President of Rosenthal & Rosenthal. "This acquisition is a logical step forward for our firm, significantly advancing our goal of establishing Rosenthal as the leading independent national finance company."
"We are pleased to be a part of this transaction with Rosenthal & Rosenthal," said BB&T Specialized Finance and Operations Manager Robert Fentress. "Both our clients and associates will benefit from an association with one of the most respected firms in the factoring and asset based lending business."
ABOUT ROSENTHAL & ROSENTHAL
Rosenthal & Rosenthal (www.rosenthalinc.com) is the leading independent factoring, asset based lending and purchase order financing firm in the United States. Founded in 1938 by Imre J. Rosenthal, the firm is now led by the second and third generations of the Rosenthal family. As a privately held company, Rosenthal is committed to providing personalized service and flexible lending to clients across a broad range of industries. Rosenthal has offices in New York, California, Georgia and North Carolina.
BB&T is one of the largest financial services holding companies in the U.S. with $221.6 billion in assets and market capitalization of $38.9 billion as of December 31, 2017. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates over 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE Rosenthal & Rosenthal, Inc.