MOUNT LAUREL, N.J., Sept. 19, 2018 (GLOBE NEWSWIRE) — Marlin Capital Solutions (NASDAQ: MRLN), a nationwide provider of capital solutions to small businesses, today announced that it has acquired Fleet Financing Resources, LLC (“FFR”), a leading provider of equipment finance credit products focused on the commercial vehicle market. Exact terms of the transaction were not disclosed but Marlin expects the transaction to be accretive to the Company’s full year 2018 earnings per share and to generate strong returns on invested capital by accelerating growth and further leveraging the Company’s fixed infrastructure costs.
Founded in 2002, FFR specializes in the leasing and financing of both new and used commercial vehicles, with an emphasis on livery equipment and other types of commercial vehicles used by small businesses. Since its inception, FFR has provided financing solutions to over 4,300 businesses nationwide while originating over $650 million in leases and loans during that period. The acquisition, Marlin’s second in recent years, is consistent with its stated strategy of augmenting organic growth with strategic acquisitions that extend the Company’s existing equipment finance business into new and attractive markets.
“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 President and CEO. “In addition, approximately 70% 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.”
With the acquisition, FFR will become Marlin’s Commercial Vehicle Group, which will now be headed by David Reynolds, FFR’s Co-founder, President and CEO.
“On behalf of the team at FFR, I am very pleased to now be part of Marlin,” said Mr. Reynolds. “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 initiated this transaction and served as exclusive financial advisor to FFR.
Marlin is a nationwide provider of capital solutions to small businesses with a mission of helping small businesses fulfill their American dream. Our products and services are offered directly to small businesses and through financing programs with independent equipment dealers and other intermediaries. Marlin Business Services Corp.is publicly traded (NASDAQ:MRLN). For more information about Marlin Capital Solutions Solutions, visit www.marlinfinance.com or call toll free at (888) 479-9111.
About Fleet Financing Resources
Fleet Financing Resources, LLC is a California-based commercial lender serving over 4,300 fleet operator customers nationwide. With a proven 16 years of stable successful business history, FFR has originated over $650 million since inception. FFR specializes in the leasing and financing of both new and used titled transportation equipment—commercial vehicle fleets.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” “may,” “intend” and similar expressions are generally intended to identify forward-looking statements. Economic, business, funding, market, competitive, legal and/or regulatory factors, among others, affecting our business are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors is contained in our filings with the Securities and Exchange Commission, including the sections captioned “Risk Factors” and “Business” in the Company’s Form 10-K filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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