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Private equity firm Fourshore acquires Genesis Capital, lender to owner-operators

Private equity firm Fourshore acquires Genesis Capital, lender to owner-operators

A private equity company has acquired a majority stake in Genesis Capital Finance, a lender to independent owner-operators buying trucks.

In a prepared statement released last week, Fourshore Partners did not provide information on the size of the acquisition or what stake it now holds in the Arizona-based lender.

Fourshore declined a request by FreightWaves for more information, referring back to the press release.

On its webpage, Florida-based Fourshore says it mostly seeks to invest in companies that have a “track record of generating between $1 million to $15 million of EBITDA in the last five years.” ‘The company also said it generally targets companies with “enterprise values” between $10 million and $75 million.

Meanwhile, the activities of Genesis, summed up on its website, are succinct: “We specialize in making loans on trucks. We offer commercial loans to owner/operators who need financing to purchase a truck.”

In the release announcing the transaction, Genesis was described as being led by “industry veterans who understand the trucking business.” It “has access to resources that allow it to offer competitive truck loans that others cannot.”

On its website, Genesis portrays itself as a lender ready to say yes. Genesis says dealers can “send us every type of customer regardless of credit score. We’re more flexible than traditional banks and can work with people whose credit record includes a bankruptcy, tax lien or slow pay.”

“We almost never say ‘no,’” the bank said. “Instead we find a creative way to structure the deal and make the transaction work for everyone’s benefit.”

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17 March 2021, 19:31