We are pleased to announce that Hovde’s client, Omaha, NE-based Foley Business Capital (“FBC”), a subsidiary of Foley Holdings (“Foley”), has announced its sale to Memphis, TN-based Vero Business Capital, LLC (“Vero”), a portfolio company of SouthWorth Capital Management (“SouthWorth”).

Highlights of the deal include:

• As a leader in transportation factoring, FBC will provide scale and expand the product offering of Vero, a provider of working capital solutions to the transportation industry
• A team of industry veterans will join Vero from FBC, positioning them with the ability to provide an unprecedented level of support to their transportation customers
• In addition to the acquisition, Vero and Foley have formed a partnership to provide customers with access to a full range of fleet solutions including access to Foley’s compliance services and Vero’s working capital solutions
  

Hovde served as exclusive financial advisor to FBC. Please contact Tim Stute or Chris Hemler for more information.