Fourshore Partners acquired Power Funding, a factoring company focused on the oil and gas and transportation industries.
Power Funding provides working capital to the oil and 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.
“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,” Dominique Villarreal, CEO of Power Funding, said.
“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 Freyre, a partner at Fourshore Partners said. “Fourshore’s and management’s vision for the future of Power aligned perfectly from the get-go.”
The transaction was led by Jose Costa, Freyre and Milos Milosevic at Fourshore Partners. Akerman served as legal counsel to Fourshore Partners. Meadows Collier and Hovde Group served as advisors to the seller.
