By  on May 8, 2017

Capital Business Credit has been renamed White Oak Commercial Finance.White Oak Commercial Finance continues to provide asset-based loans, factoring and trade finance facilities between $1 million to $100 million for small and middle-market firms. Capital Business had been part of Richard Perry’s hedge fund empire for over a decade, but was put up for sale when Perry moved to close his hedge fund in September. CBC was acquired by White Oak Global Advisors in December 2016. The combined entity has provided more than $7 billion to over 500 companies, White Oak said. At the time of the transaction, CBC had over $300 million in loans out.Andre Hakkak, chief executive officer of White Oak, said the firm's new platform “provides a greater number of companies with access to more capital and services than previously offered by either White Oak or CBC individually.”Tom Otte, formerly managing director and partner of White Oak Asset Based Lending, has become chairman of White Oak Commercial Finance. Otte said White Oak acquired CBC to “expand the breadth and depth of White Oak’s platform offerings and to reach the lower end of the middle market.”Andrew Tananbaum, who was executive chairman of CBC, continues with the operation and has become executive chairman of White Oak Commercial Finance. Robert Grbic, who was president and ceo of CBC, now holds those same positions at White Oak Commercial Finance.Tananbaum said, “White Oak Commercial Finance is positioned to provide a very broad offering of customized credit products and services to the ever-changing needs of small- and middle-market businesses.”More From WWD:Guess’ Paul Marciano Gets 40% Pay BumpAdidas Maintains Momentum in First QuarterRetail Employment Sagged Despite U.S. Job Gains

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