NEW YORK, Jan. 31, 2018 /PRNewswire/ -- Rosenthal
& Rosenthal, Inc., the leading independent factoring, asset
based lending and purchase order financing firm in the United States, today announced the
completion of a deal to acquire the domestic factoring portfolio of
BB&T Corporation (NYSE: BBT), one of the largest financial
services holding companies in the United
States.
As part of the deal, Rosenthal will acquire BB&T's portfolio
of 90 factoring clients, adding approximately $2 billion in volume to its already robust
$9 billion in factored volume.
Rosenthal will add a front office in Georgia and back office support in
North Carolina to manage the new
portfolio. These two new locations complement Rosenthal's already
existing California office and
New York headquarters. Twenty-five
BB&T factoring professionals will join the nearly 200 Rosenthal
staff currently serving the firm's clients nationwide.
The deal marks the first acquisition in Rosenthal's 80-year
history and positions the firm to further diversify the regions and
industries it currently serves. This significant expansion allows
Rosenthal to continue to develop new business opportunities within
the furniture, casual living, fabrics and textiles industries,
alongside the fashion, apparel, accessories, manufacturing, food
& beverage and gift & home sectors, where Rosenthal has had
historically strong relationships.
"We are excited to acquire BB&T's portfolio of factoring
clients and honored to welcome their talented team of professionals
into the Rosenthal family," said Peter
Rosenthal, President of Rosenthal & Rosenthal. "This
acquisition is a logical step forward for our firm, significantly
advancing our goal of establishing Rosenthal as the leading
independent national finance company."
"We are pleased to be a part of this transaction with Rosenthal
& Rosenthal," said BB&T Specialized Finance and Operations
Manager Robert Fentress. "Both our
clients and associates will benefit from an association with one of
the most respected firms in the factoring and asset based lending
business."
ABOUT ROSENTHAL & ROSENTHAL
Rosenthal & Rosenthal (www.rosenthalinc.com) is the leading
independent factoring, asset based lending and purchase order
financing firm in the United
States. Founded in 1938 by Imre J.
Rosenthal, the firm is now led by the second and third
generations of the Rosenthal family. As a privately held company,
Rosenthal is committed to providing personalized service and
flexible lending to clients across a broad range of industries.
Rosenthal has offices in New York,
California, Georgia and North
Carolina.
BB&T
BB&T is one of the largest financial services holding
companies in the U.S. with $221.6
billion in assets and market capitalization of $38.9 billion as of December 31, 2017. Building on a long tradition
of excellence in community banking, BB&T offers a wide range of
financial services including retail and commercial banking,
investments, insurance, wealth management, asset management,
mortgage, corporate banking, capital markets and specialized
lending. Based in Winston-Salem,
N.C., BB&T operates over 2,000 financial centers in 15
states and Washington, D.C. A
Fortune 500 company, BB&T is consistently recognized for
outstanding client service by Greenwich Associates for small
business and middle market banking. More information about BB&T
and its full line of products and services is available at
BBT.com.
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SOURCE Rosenthal & Rosenthal, Inc.