Press Release: Accutrac Capital Parent Acquires Bibby North America

Press Release: Accutrac Capital Parent Acquires Bibby North America

Bruce Sayer 0 Comments

Press Release:

March 02, 2020 - Accutrac Capital Solutions Inc. is pleased to announce the acquisition of Bibby Financial Services (Holdings) Inc. (Bibby NAM) by our parent company, Global Merchant Fund Corp. Bibby NAM is the North American operation of Bibby Financial Services (BFS), a U.K.-based independent SME funder with operations in 14 countries.

About the Acquisition

The deal, which closed Friday, February 28, 2020, advances Global Merchant Fund’s long term growth strategy to expand its specialty finance business through the acquisition of companies and portfolios that fit its growth model. Bibby NAM which provides invoice discounting through factoring and asset-backed lending fits well within that strategy. Since 2017, GMF has successfully completed the acquisition of four specialty lenders, including Gerber Finance (based out of NY), Paragon Financial Group (based out of Florida), Accutrac Capital (based out of Canada) and eCapital (based out of California).

Bibby NAM entered the North American market in 2001, first opening an office in Florida. Today, Bibby NAM has more than 100 employees based across six cities in the U.S. and Canada, supporting 900 small and medium sized businesses.

Steve McDonald, GMF President said:

Bibby NAM, as is its UK parent, is a well-recognized firm that has been active in the invoice discounting through factoring space for years. We see great synergies between Bibby NAM and our other operating businesses. We intend to capitalize on those synergies. In addition to the industries we serve, the geography we cover, and the services we provide, we share a common interest in building lasting relationships with our clients by providing flexible financing solutions. Bibby NAM’s clients should expect to continue to be served with the highest level of expertise and professionalism. We intend to further improve their experience as we deploy our technology and knowhow post-closing.

David Postings, Global Chief Executive of BFS said:

“Since first launching in North America in 2001, we have built a strong business with excellent client service levels, and one which provides vital support for small and medium sized companies in the U.S. and Canada. Following a strategic review, we have decided to focus and invest in other markets. The sale of our North American business to GMF represents good value for both parties.”

About Global Merchant Fund

Global Merchant Fund Corp. offers alternative financial solutions primarily catered towards middle-market companies located in the Unites States and Canada through asset-based lending, factoring and supply chain financing. In addition to Global Merchant’s direct lending activities, its portfolio companies, Gerber Finance, Inc, Paragon Financial Group, Accutrac Capital Solutions Inc, and eCapital LLC offer alternative financing solutions across a broad set of industries. For more information, visit http://www.globalmerchantfund.com.

About Bibby Financial Services

Bibby Financial Services (BFS) is a multinational corporation that has provided financial services to small and medium sized enterprises (SMEs) since 1982. It is a subsidiary of the Liverpool-based Bibby Line Group, which was founded in 1807. BFS specializes in providing funding solutions such as factoring, transportation finance and asset-based lending with a focus on the industry of apparel, manufacturing, staffing, transportation and logistics, and wholesale and distribution. For more information, visit http://www.bibbyusa.com.

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