Fidelity buys factoring firm

Minnesota’s Fidelity Bank has agreed to purchase a local factoring services firm working in the Midwest.

The primary shareholder of TCI made a strategic decision to find a partner who would continue to grow the business and create synergies with its current offerings, according to a release from Quazar Capital, which advised on the sale.

Bruce Behm of Quazar ultimately identified Edina-based Fidelity Bank as a great partner who could join forces with TCI to become a larger and stronger financial services company.

“Bruce’s network and deep relationships were instrumental in TCI and Fidelity Bank coming together to create a more robust company to help serve our clients moving forward. I am very pleased at the outcome and am excited for what the future will bring,” said Dan Robbins, founder and CEO of TCI Business Capital.

Robbins will continue to lead the business line post merger as an executive vice president with Fidelity.

Founded in 1994, TCI Business Capital provides factoring services to small and medium-sized businesses throughout the Midwest.