Marlin, a provider of capital solutions for small businesses in Mount Laurel, announced it has acquired Fleet Financial Resources LLC, a provider of equipment finance credit products for the commercial vehicle market.
FFR provides leasing and financing solutions for new and used commercial vehicles to more than 4,300 businesses throughout the United States.
“The acquisition of FFR, which originated more than $75 million in 2017, fits well within our vocational strategy for the transportation market by focusing on the financing of transportation equipment used by small businesses,” said Jeffrey Hilzinger, Marlin’s CEO and president, said. “In addition, approximately 70 percent of FFR’s origination volume is direct to end users, which is consistent with our emphasis on expanding Marlin’s direct origination capabilities. Overall, this acquisition allows us to significantly accelerate our growth in the commercial vehicle and titled transportation markets with a proven and successful team that has significant expertise in these markets.”
Under the deal, FFR will become part of Marlin’s Commercial Vehicle Group, which will be headed by David Reynolds, FFR’s co-founder, CEO and president.
“On behalf of the team at FFR, I am very pleased to now be part of Marlin,” Reynolds said. “This transaction is extremely positive for both our employees and our customers by providing a great opportunity to continue to build on our track-record of success. As part of Marlin, we believe there is a tremendous opportunity to better support our customers while significantly accelerating Marlin’s growth in the commercial vehicle and titled transportation markets.”
The Alta Group led the deal and served as financial advisor to FFR.
Financial terms were not disclosed.