Transaction Diversifies and Expands WebBank’s Offerings in New Sector;
National with Enhanced Platform for Further Penetrating Insurance Market
SALT LAKE CITY & DENVER--(BUSINESS WIRE)--Apr. 1, 2019--
Steel Partners Holdings L.P. (NYSE: SPLP), a diversified global holding
company, today announced that its wholly owned subsidiary, WebBank, has
completed the acquisition of National Partners, a Denver-based national
insurance premium finance company, from MLF Financial Group.
With a proprietary technology platform, National Partners provides
commercial insurance premium finance solutions for top‐tier national
insurance brokerages, independent insurance agencies and insureds in key
markets throughout the United States.
Founded in 2016, National Partners and its team will continue under the
leadership of its current chief executive officer, Bruce Lundy. It will
operate as a wholly owned subsidiary of WebBank.
“This transaction marks our entry into a new sector, with a secured,
low-risk and short-term commercial-based product that diversifies our
revenue mix into a new asset class,” said Kelly Barnett, president of
WebBank. “Our business models and cultures are complementary, and we
welcome Bruce and his team to the WebBank family.”
“Joining forces with WebBank will allow us to accelerate our growth
trajectory in the fintech arena with deeper financial, managerial and
technological resources,” added Lundy. “It is a combination that will
bring great value for both organizations and for the customers we serve.”
Organized in 1997, WebBank is an FDIC‐insured, Utah‐chartered industrial
bank headquartered in Salt Lake City. A leader in digital lending, it is
a national issuer of online consumer and small business loans through
brand partners that include retailers, OEMs and financial technology
companies. The bank provides customized credit products and solutions as
a best-in‐class provider of compliance, capital and oversight management
for strategic partner platforms. For more information about WebBank,
About National Partners
National Partners leverages proprietary technology to provide commercial
premium finance solutions to insurance brokers, agents and insureds
throughout the United States and offers funding programs to third‐party
premium finance companies, often those affiliated with agents, brokers
and managing general agents (MGAs). National Partners’ services include
private‐label servicing, profit-sharing models and premium‐finance loan
purchase facilities. Headquartered in Denver, regional offices are in
Chicago, New York City and Tampa.
About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. (www.steelpartners.com)
is a diversified global holding company that owns and operates
businesses and has significant interests in leading companies in various
industries, including diversified industrial products, energy, defense,
supply chain management and logistics, banking and youth sports.
Certain information in this press release may constitute forward-looking
statements that involve risks and uncertainties that could cause actual
results to differ materially from those stated. Such forward-looking
statements are not guarantees of future performance and are subject to
various factors that could cause actual results to differ materially.
Undue reliance should not be placed on such forward-looking statements.
Steel Partners Holdings undertakes no obligation to publicly update or
revise any forward-looking statements, or any facts, events, or
circumstances after the date hereof that may bear upon forward-looking
statements. Additionally, Steel Partners Holdings does not undertake any
responsibility to provide updates on the occurrence of unanticipated
events which may cause actual results to differ from those expressed or
implied by these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190401005688/en/
Source: Steel Partners Holdings L.P.
For more information, contact:
S. Pondel, 310-279-5965