Porter Capital Group Strengthens Market Position with Strategic Merger
BIRMINGHAM, Ala., Jan. 9, 2024 /PRNewswire/ -- Porter Capital Group, a prominent leader in alternative financing, is delighted to announce the successful merger with Pay4Freight, LLC, a strategic move aimed at expanding Porter Capital Group's freight division, Porter Freight Funding. This integration brings on board new team members, establishes a significant presence in Texas with a new office, and expands Porter's multi-million-dollar portfolio.
Expressing enthusiasm about the merger, John Land, President of Porter Freight Funding, remarked, "We are thrilled about this announcement and the opportunity to collaborate with new team members across all departments at Pay4Freight. The addition of talent in sales, underwriting, operations, credit, and collections, combined with the exceptional expertise of the Pay4Freight leadership team, positions us well to create a formidable force in transportation funding."
Porter Capital Group has a track record of successful acquisitions dating back to 1996 and continuing in 2010 and 2020. Most recently, in 2023, the company continued its pursuit of growth opportunities with the acquisition of AIMS Business Capital, the factoring division of ENGS/Mitsubishi, and the recent merger with Pay4Freight.
Highlighting the significance of these strategic moves, Marc Porter, Chief Executive Officer, emphasized, "Expansion has been at the heart of our business strategy since our founding in 1991. We seek companies that align with our corporate culture and broaden our knowledge base. Pay4Freight is an ideal fit, sharing our commitment to excellence and transparent financial solutions that help businesses weather tough times and pursue growth opportunities."
The Pay4Freight merger strengthens the competitive position of Porter Freight Funding and significantly increases its market share in the transportation funding industry. Additionally, the executive team has gained expertise and new perspectives with the additions of Robert Beard as Senior Vice President, Jan Bellah as Chief Operating Officer, and Terrie LaMarche as Chief Credit Officer. Reflecting on the journey, Robert Beard, Founder of Pay4Freight, stated, "Established in 2008 amid the credit crunch, our focus has always been on keeping the wheels turning for owner-operators and trucking companies of all sizes by providing them with the funding needed to achieve their dreams. I am thrilled to build on this foundation with the outstanding team at Porter Capital Group."
This merger sets the stage for a dynamic collaboration, combining the strengths of both entities to drive continued success and innovation in the transportation funding sector. Porter Capital Group remains committed to delivering outstanding service and seamless access to working capital with our expanded footprint.
About Porter Capital Group
Porter Capital Corporation was founded in 1991 by brothers Marc and Donald Porter in Birmingham, AL. Porter offers working capital solutions to businesses all over the country in a variety of industries. As a direct lender and factoring company, Porter Capital has provided over $8 billion in funding since its inception. Porter Capital offers Invoice Factoring and Asset Based Credit Lines up to $40 million. Since founding the company, Porter Capital has expanded to include a special transportation division known as Porter Freight Funding. The Porter businesses continue to grow by providing working capital solutions, emphasizing personalized, dedicated customer service without sacrificing speed and efficiency. To know more about Porter Capital Corporation and how it can be a working capital solution provider for businesses, call 1-888-865-7678 or visit its official website, portercap.com.
Contact
Michelle Milhoan, mmilhoan@portercap.net
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