Love's Expands Financial Services Business
OKLAHOMA CITY — Love's Travel Stops is growing the Love's Financial offering with the acquisition of the U.S. transportation factoring portfolio of REV Capital. The deal closed July 26 and welcomes hundreds of new financial services customers.
During the 10th anniversary year of Love's Financial, the acquisition aligns with the convenience store retailer and travel center operator's plans to grow its financial services business and offerings, the company said. Terms of the agreement were not disclosed.
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"During a challenging freight market, this acquisition underscores Love's commitment to grow strategically as a leader in helping owner operators and fleets of any size grow their business," said Shane Wharton, president of Love's. "These new clients can expect the same best-in-class customer service Love's existing customers have come to expect, with scalable funding to maximize growth and cash flow."
The 500-plus customers in REV Capital's U.S. transportation factoring portfolio transitioning to Love's Financial will not experience any disruptions or delays in funding.
REV Capital is known for its innovation and expertise in managing cash flow for a diverse range of clients. The company stated it looks forward to its next phase as a leading provider of commercial finance solutions across North America. With a shared value in service excellence, Love's was a confident fit for the transition of REV's U.S. transportation portfolio.
"It was important that if we were to strategically exit a market, our impacted client base would be met with the same customer centric ethos. This is why we chose to engage with Love's Financial," said Loren Shifrin, founder and CEO of REV Capital.
Love's new clients gain access to additional bundled services at the company's nationwide network of travel stops, including fuel discounts, a no-fee credit line on Love's Express Billing Program, and access to emergency roadside service, light mechanical services, lube and preventative maintenance at Love's Truck Care and Speedco.
Headquartered in Oklahoma, family-owned and -operated Love's core business is travel stops and convenience stores with 648 locations in 42 states. The company has nearly 40,000 team members in North America and Europe.