Northrim BanCorp Acquires Sallyport Commercial Finance
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Northrim BanCorp, the parent company of Anchorage-based Northrim Bank, is adding Texas-based Sallyport Commercial Finance to its corporate umbrella. Sallyport, valued at approximately $53.9 million, is a leading provider of factoring, asset based lending, and alternative working capital solutions to small and medium sized enterprises in the United States and Canada.
The all-cash transaction that closed on October 31.
Growing Forward Together
Sallyport will operate as a wholly-owned subsidiary, and is expected to complement the products currently offered by Northrim Funding Services, a factoring division of Northrim Bank. Northrim expects the transaction to provide earnings accretion of approximately 15 percent to 2025 operating results.
“Having worked with Nick and the Sallyport team for several years, we have been impressed by the quality of the business they have built,” says Northrim President and CEO Mike Huston. “We view this as an opportunity to partner with a company that has similar core values of customer service, tailored solutions, creativity, and responsiveness without distracting from our growing Alaskan banking franchise. We believe our twenty-year history in the factoring business through Northrim Funding Services and our low-cost deposit base makes us the ideal partner to help Sallyport capture an increased share of a dynamic market segment.”
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Founded in 2014, Sallyport surpassed $5 billion in debts factored in 2023. Sallyport’s mission is to provide access to capital through tailored funding solutions to fuel growth and provide entrepreneurs opportunities to create value. Executive management at Sallyport has more than 100 years of combined industry experience and will remain in their current positions.
“The time working closely with Northrim as a lender and partner to Sallyport has given me a unique insight into how the team operates at all levels,” says Nick Hart, co-founder and president of Sallyport. “I have been very impressed with Northrim’s ability to develop solutions and deliver on commitments which have provided growth and opportunity for customers. We are excited to be joining the Northrim team and look forward to what we can learn and accomplish together.”
Sugar Land, Texas-based Sallyport is a specialty finance company focused on providing entrepreneurs with working capital solutions for small- to medium-sized businesses. Named for a gate in castle walls out of which troops rode for battle, Sallyport offers a full suite of factoring and asset-based products including accounts receivable finance, purchase order finance, equipment and inventory finance, cash flow loans, and real estate loans. Through a subsidiary, Sallyport has a minority interest in factoring operations in the United Kingdom.
Northrim BanCorp is the parent company of Northrim Bank. Its other affiliates include wholly-owned Residential Mortgage and a non-controlling interest in Pacific Wealth Advisors and Pacific Portfolio Consulting based in Seattle. The company has previously invested in related financial enterprises as part of its growth and diversification strategy. It also has a factoring and asset-based lending division in Washington.
Northrim’s advisor in this transaction was Janney Montgomery Scott, and Accretive Legal served as its legal counsel. Keefe, Bruyette & Woods, a Stifel Company, acted as financial adviser for Sallyport, while Latham & Watkins LLP served as its legal counsel.
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