Goldman Sachs Alternatives acquires FGI Worldwide
The New York-based specialty lender, founded 25 years ago, provides working capital finance, trade credit insurance, and a proprietary policy-management platform to small and mid-size businesses.
Takeaways
- FGI Worldwide is a provider of working capital financing and trade credit insurance solutions.
- Goldman Sachs Alternatives is acquiring FGI Worldwide.
- The target serves small and medium-sized enterprises and the commercial finance industry across New York City, United States.
Demand for specialty working-capital solutions for small and mid-sized businesses has drawn a major institutional investor to the space.
The private equity business within Goldman Sachs Alternatives has acquired FGI Worldwide, a New York-based provider of asset-based lending, trade credit insurance, and insurance policy-management software.
Founded 25 years ago, FGI operates through three units: FGI Finance (asset-based lending), FGI Risk (credit insurance solutions), and FGI Tech, whose flagship TRUST software automates management and administration of credit insurance policies in real time.
The company provides multi-jurisdictional working-capital support to help businesses expand domestically and internationally, with offices in the US, Canada, and the UK.
Co-founder Sami Altaher, previously president, succeeds David DiPiero as CEO as part of the transaction, marking FGI’s first institutional investor backing.
Goldman’s private equity team plans to support FGI’s growth by investing in its platform and expanding its product capabilities.
Michael Coleman, managing director, added that the firm will bring the “full scope of Goldman Sachs’ resources” to help the company scale.
Houlihan Lokey served as financial advisor and Sidley Austin LLP as legal counsel to Goldman Sachs Alternatives.
Keefe, Bruyette & Woods, A Stifel Company, advised FGI, with Blank Rome LLP providing legal counsel.
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