Transfac Capital, the newly acquired factoring subsidiary of Commercial Credit, has hired Steven Sala to head the Salt Lake City-based company. Sala will hold the title of senior vice president and will oversee all operations of Transfac Capital, including sales, marketing and general business operations.
“Steve brings a great deal of industry knowledge, people skills and a proven track record of building strong businesses,” noted Commercial Credit CEO, Dan McDonough. “We are very excited to have him on the team and look forward to the benefits of his leadership as we capitalize on Transfac Capital’s growth potential.” Sala’s prior experience includes president and CEO of TAB Bank as well as senior positions and advisory roles at multi-billion dollar financial institutions.
“Dan and I began discussing complimentary business opportunities to CCG’s equipment finance business and specifically the accounts receivable finance space,” Sala said. “After consummating the acquisition of Transfac Capital, the opportunity for me to join the Commercial Credit team was too hard to pass. CCG has done a tremendous job developing their brand and incredible reputation over the past 14 years and the opportunity to head up their accounts receivable finance company allows me to bring my years of experience to an industry leader and leverage the strengths of both organizations.”
With roots extending back more than 75 years, Transfac Capital is one of the longest operating financial service providers in the country. Formed as a co-op created to process invoices for the transportation industry, Transfac Capital has evolved into a full-service accounts receivable finance provider for a variety of industries.
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