SunTx Capital Partners Acquires Freedom Truck Finance, a Leading Lender for Truck and Trailer Purchases
SunTx to invest growth capital, alongside founders of Freedom Truck Finance
Founders of Freedom Truck Finance Previously Created, Built and Sold Drive Financial Services, a Leading Auto Lender, to Santander for $800 Million
DALLAS, September 8, 2017-- SunTx Capital Partners, a Dallas-based private equity firm that invests in middle market manufacturing, distribution and service companies, today announced that it has acquired a majority equity interest in Freedom Truck Finance ("Freedom" or the "Company"), a commercial specialty finance company for trucks and trailers in the underserved independent owner-operator market.
Headquartered in Dallas, TX, Freedom is a secondary truck and trailer finance company, specializing in dealer-based financing of class 6, 7 and 8 trucks and trailers. The Company was founded by entrepreneurs Blake Bozman, Scot Foith, Brad Reeves, David Leventhal and Mike Reeves. Messrs. Bozman, Foith and Reeves previously created, built and sold Drive Financial Services, a leading auto lender, to Santander for $800 million.
Ned N. Fleming, III, Founder and Managing Partner of SunTx Capital Partners, said, "We are excited to acquire a majority interest in Freedom Truck Finance, and look forward to working closely with the Company's founders and management team to accelerate growth in this rapidly expanding industry." Mr. Fleming continued, "We have known the Freedom team for quite some time and greatly respect its operational expertise, as evidenced by their successful creation and later sale of Drive Financial Services. Our collaboration with Freedom reflects SunTx's ongoing interest in working closely with entrepreneurs and founder-led organizations within growing business segments."
David Leventhal, President of Freedom Truck Finance, said, "We are very excited about the opportunity to lock arms with SunTx Capital Partners in the next stage of our Company's growth and evolution. We have an incredible staff, exceptional management team, a robust technological infrastructure and now with the SunTx Capital Partners team supporting us, Freedom is ideally situated to further solidify our market leading position and to continue transforming an exciting and growing industry."
Freedom's extensive dealer network spans 38 states, with origination sources across the Company's loyal network of over 900 unique dealers, including corporate level agreements with two of the largest national dealership networks. The Company has an established track record of offering tailored financing solutions with unsurpassed customer support.
ABOUT SUNTX CAPITAL PARTNERS
SunTx Capital Partners, LP, is a Dallas, TX-based private equity firm that invests in middle market manufacturing, distribution and service companies. SunTx specializes in supporting talented management teams in industries where SunTx can apply its operational experience and financial expertise to build leading middle-market companies with operations typically in the Sun Belt region of the United States. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including leading university endowments and corporate and public pension funds. More information about SunTx can be found at www.suntx.com.
ABOUT FREEDOM TRUCK FINANCE
Based in Dallas, TX, Freedom Truck Finance provides indirect financing and warranty solutions to independent owner-operator truck and trailer companies, and the dealerships that support them. The Company was founded in 2013, with the goal of transforming the trucking industry through technology-driven systems, data-centric processes and a highly relational model of customer service. Freedom Truck Finance currently serves more than 900 dealerships across 38 states, including corporate level agreements with two of the largest national dealership networks. More information on the Company can be found at http://www.freedomtruckfinance.com.
Daniel Yunger / Cathryn Vaulman
Venture Capital Database