Love’s announced Monday that its financial services unit has acquired a freight factoring portfolio from REV Capital. The deal adds more than 500 customers to the Love’s Financial platform.
Financial terms of the transaction were not disclosed. The deal closed on Friday.
“During a challenging freight market, this acquisition underscores Love’s commitment to grow strategically as a leader in helping owner operators and fleets of any size grow their business,” said Love’s President Shane Wharton in a news release.
The acquired customers will not see any interruption in service or funding delays during the transition. Love’s said the new customers will have access to its bundled services, which include fuel discounts, no-fee credit lines, emergency roadside service, preventative maintenance and other light mechanical services.
“It was important that if we were to strategically exit a market, our impacted client base would be met with the same customer centric ethos. This is why we chose to engage with Love’s Financial,” said Loren Shifrin, founder and CEO of REV Capital.
Oklahoma City-based Love’s Travel Stops operates 648 locations in 42 states and has almost 40,000 employees.
During a strategic overview presentation last year, the company reiterated a commitment to making acquisitions in the “fragmented” factoring space. It acquired its first two factoring units – Vero Business Capital and Foley Business Capital – in 2020.
More FreightWaves articles by Todd Maiden
Freight mix, terminal openings weigh on Saia’s Q2; stock drops 20%
Cold storage REIT Lineage IPO hauls in $4.4B
Knight-Swift seeing signs of market stabilization
The post Love’s acquires freight factoring portfolio from REV Capital appeared first on FreightWaves.