US-based debt investor White Oak Advisors has acquired a specialist in lending to companies working for the government.
The firm announced it has bought Federal National Commercial Credit (FNCC), which provides government receivable financing, commercial factoring and asset based lending. It specialises in lending to small and mid-market companies that do work for the US federal government.
FNCC was bought from private equity owner Pine Tree Equity and financial details were not disclosed.
Bethesda MD-based FNCC will continue to be led by its existing management team, which includes CEO Kwesi Rogers, and chief credit officer Kysha Pierre-Louis. Following the completion of the acquisition it will be renamed White Oak Business Capital.
White Oak’s CEO, Andre Hakkak, said: “FNCC has built a strong business serving companies in key markets across the US and, combined with the White Oak platform, we believe we can expand FNCC’s offerings to more businesses with a larger array of credit products.”
FNCC said the deal will help it benefit from White Oak’s deal sourcing and investment platform.
Hovde Group served as financial advisor to FNCC. Richards Kibbe & Orbe served as legal counsel for White Oak, while Holland & Knight represented FNCC.