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Diversified Lenders Acquires American Business Finance

October 06, 2014, 08:03 AM
Filed Under: Mergers & Acquisitions

Diversified Lenders, Inc. (DLI) announced that it has acquired American Business Finance, LLC (ABF) out of Edmond, Oklahoma.  Founded in 2003 by Dave Pendley, ABF is a privately owned accounts receivable financing source specializing in providing capital to growing businesses.

"Diversified is seeking to expand by offering solutions to businesses involved in multiple industries around the country and ABF aligns with that goal perfectly.  The long-standing relationship between our two management teams made this a natural fit and we are excited to have Dave Pendley and the wealth of knowledge and experience that he brings with him on our team," stated Donald Roberts, Chairman of Diversified Lenders.  American Business Finance will bring diversification to DLI's portfolio in both industry and market presence and will contribute to their strategy of developing the Central region. Roberts added, "In addition to the growth that will take place, CEO Dave Pendley is a seasoned veteran in the Asset Based Lending Industry."

Pendley comes to DLI with over 48 years of experience in all forms of commercial and consumer secured lending services.  In addition to working at General Electric Credit Corporation for 16 years, he was responsible for founding the First Asset-Based Lending Group, Inc. in Oklahoma City.  Upon their sale to Signal Capital Corporation in 1986, he served Signal's commercial finance division on a national basis as its President. In late 1987, he left Signal to establish First Capital Corporation as an independent secured working capital lender.  Upon selling his interest in First Capital in 2003, he founded American Business Finance.  In addition to his many business ventures, Mr. Pendley is the past Chairman of the Commercial Finance Association and founder of the CFA/Wharton Institute of Secured Lending and the CFA Education Foundation. On the acquisition, Pendley stated, "I have known Donald Roberts for nearly three decades and have watched him grow Diversified Lenders into a dynamic customer focused commercial finance company. This opportunity to become a part of his multifaceted finance organization is a perfect fit for American Business Finance, allowing us to expand our offerings to our loyal referral sources that we service throughout the United States."

Founded in 1986, Diversified Lenders specializes in providing capital to commercial businesses and governmental entities across the United States. ABF will be folded into the Diversified Lenders brand as an addition to the Lubbock, TX and Salt Lake City, UT offices. The inclusion of American Business Finance will allow DLI to strengthen its current product offerings including Asset Based Lending, Factoring, Equipment Finance and Municipal Finance.

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