Rosenthal & Rosenthal has acquired the domestic factoring portfolio of BB&T Corp., its first acquisition in its 80-year history.Financial terms of the transaction were not disclosed. As part of the deal, Rosenthal will add $2 billion in volume to its already robust $9 billion in factored volume via BB&T’s portfolio of 90 factoring clients. To handle the business, Rosenthal will add a front office in the Atlanta area, as well as back-office support in Greenville, N.C. Rosenthal already has two offices, one in Los Angeles and its headquarters in New York. The company will add 25 BB&T factoring professionals to its nearly 200 staff members.Peter Rosenthal, president of Rosenthal & Rosenthal, said, “This acquisition is a logical step forward for our firm, significantly advancing our goal of establishing Rosenthal as the leading independent national finance company.”For Rosenthal, the acquisition allows it to further diversify into areas and industries beyond those it serves. Through BB&T, Rosenthal has opportunities to grow within the furniture, casual living, fabrics and textiles businesses. Rosenthal already has strong relationships within the fashion, apparel, accessories, manufacturing, food and beverage and gift and home sectors.Robert Fentress, BB&T specialized finance and operations manager, said, “Both of our clients and associates will benefit from an association with one of the most respected firms in the factoring and asset-based lending business.”While Rosenthal’s business has expanded over the years to include asset-based lending and purchase-order financing, the bulk remains in the area of factoring.Imre J. Rosenthal founded the company in 1938. It is now led by second and third generations of the Rosenthal family. BB&T is one of the largest financial services holding companies in the U.S., with $221.6 billion in assets and market capitalization of $38.9 billion as of Dec. 31.
@serenawilliams, in @versace and a @bulgariofficial necklace, with @alexisohanian attending the #royalwedding at St. George’s Chapel. See all of the celebrities in attendance on WWD.com. #wwdeye #wwdfashion
The wait is over: Meghan Markle picks @givenchyofficial’s Clare Waight Keller for her wedding dress. Markle entered St. George’s Chapel in a Givenchy Haute Couture gown paired with Queen Mary’s Diamond Bandeau Tiara, loaned to her by The Queen. Read more on WWD.com - Link in bio. #wwdnews #wwdfashion #royalwedding