ROCHESTER ? Factoring company Hennessey Capital LLC said Monday that its assets have been purchased by Hitachi Capital America Corp., which provides financing to its portfolio companies as well as the U.S. commercial business sector. Terms were not announced.
Hennessey spokeswoman Katie Mullin said the company?s headquarters in Rochester will remain open, and its 12 employees will remain as well.
?This was an opportunity for us to partner with a company who shares our philosophy of helping grow entrepreneurial companies and providing superior client service,? said Mike Semanco, president of Hennessey Capital. ?This partnership will give us access to greater resources as we develop our business model of the future.?
Hennessey Capital provides working capital for growing companies that are post-revenue, in transition, or otherwise do not meet the credit guidelines of traditional bank lending. Products and services include factoring, asset-based lending programs, collateral management services, and business coaching.
?The addition of the Hennessey Capital team and infrastructure to our company is a perfect strategic fit,? said William H. Besgen, President of Hitachi Capital America. ?Their factoring and asset-based lending products will complement the financing options we currently provide to our Hitachi companies and their customers and will enhance the value we offer both now and in the future.?
