The financial services company, Asta Funding Incorporated today reported that Asta Commercial, LLC, a wholly owned subsidiary of the company, had acquired the finance receivables and customers of two factoring companies. These two acquisitions have doubled the finance receivable portfolio and should bring the annual factoring receivable volume to between $20 - $25 million over the next twelve months.
Senior vice president of Asta Commercial, LLC, Gregg Rubin, said “I am very pleased with these two acquisitions and the company will continue to pursue other finance receivable acquisitions that meet our business model. In addition, the company will continue to expand our commercial factoring business from within the company. With these acquisitions, Asta Commercial, LLC has become profitable within its first year of operations.”
Source: PR Newswire