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North Mill Capital Acquires Summit Financial Resources

August 13, 2019, 08:50 AM
Filed Under: Mergers & Acquisitions

North Mill Capital, a wholly owned subsidiary of Solar Senior Capital, announced the acquisition of Summit Financial Resources, a provider of factoring services across the U.S. Founded in 1994 and based in Salt Lake City, UT, Summit has built a diversified portfolio of accounts receivable factoring spanning a broad geography of clients across numerous industries, including a primary focus on borrowers operating in manufacturing, business services and transportation.

“Summit immediately expands North Mill’s geographic reach, significantly increases the scale of our existing factoring business and allows us to employ the sizeable permanent capital base of our parent company,” said Jeff Goldrich, North Mill CEO. “Summit will maintain its office in Salt Lake City while North Mill will continue to operate its full-service offices in Princeton, NJ, and Minneapolis, MN.”

Post-acquisition, North Mill has 10 business development officers strategically located throughout the U.S. while providing complete portfolio management capabilities across the three offices. These resources position North Mill to both originate and service asset-based loans and factoring facilities nationwide and better position the combined business to take advantage of the market opportunity.

Hovde Group, LLC served as exclusive financial advisor to Summit Financial Resources in connection with the transaction.

North Mill is a direct lender that provides asset-based loans and factoring facilities to businesses with borrowing needs up to $30 million. While its primary business is to finance accounts receivable, inventory, machinery and equipment, North Mill will consider other assets and often assist companies in obtaining financing to supplement its asset-based loans.

Founded in 2011, Solar Senior is a specialty finance company that invests directly or indirectly in leveraged U.S. middle market companies primarily in the form of cash flow first lien senior secured debt instruments and asset-based loans, including senior secured loans collateralized on a first lien basis primarily by current assets.

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