MIAMI–(BUSINESS WIRE)–Fourshore Partners (Fourshore) announced today its acquisition of Power Funding (“Power”; “Company”), a premier factoring company focused on the oil & gas and transportation industries.
Power Funding provides working capital to the oil & gas and trucking industries through the purchase of invoices generated by small- and medium-sized businesses at a discount to provide immediate working capital to such companies. Power positions itself as being a long-term partner to its customers and prides itself for having relationships that far exceed the industry average in length.
The Company stands behind its motto “Giving you the Power to Grow”. Its local, quick decision-making process gives the customers incredible flexibility. The clients experience uninterrupted cash flow with Power’s quick-paying factoring service.
“We are excited to Partner with Fourshore whose team has a deep understanding of Power Funding’s business model. We are poised to enter into a new era of growth and see Power Funding LTD as a leader in alternative banking solutions in the ABL and factoring industry,” said Dominique Villarreal, Chief Executive Officer of Power Funding.
Pedro Freyre, Partner at Fourshore, said that, “an opportunity to invest in a company that’s at an inflection point and that provides high-quality service to industries that have been neglected by the traditional sources of capital doesn’t come across often.” Pedro also noted that, “Fourshore’s and management’s vision for the future of Power aligned perfectly from the get-go.”
The transaction was led by Jose Costa, Pedro Freyre, and Milos Milosevic at Fourshore Partners. Akerman LLP served as legal counsel to Fourshore Partners. Meadows Collier LLP and Hovde Group served as advisors to the seller.
About Power Funding
Founded in 2001, Power Funding LTD is a leader in cash flow financing. A factoring company, it strives to provide a service that will benefit the growth of its clients. It focuses on OTR Trucking, Oilfield Trucking and Service, Drayage, Staffing, Welding, PACA, and much more. Power Funding is “giving you the POWER to grow”.
About Fourshore Partners
Fourshore Partners is a Miami-based private equity firm that focuses on lower middle market buyouts in the U.S. and Caribbean. Fourshore targets companies generating between $2m and $15m of EBITDA with enterprise values between $10m and $75m.