SunTx Capital Partners has acquired a majority equity interest in Freedom Truck Finance, a company that provides financing and warranty programs to facilitate purchases of trucks and trailers by independent owner-operators.
The price paid and the precise amount of stock controlled by SunTx Capital Partners were not disclosed. Both companies are based in Dallas.
“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,” Ned Fleming III, managing partner of SunTx Capital Partners, said in a statement released Sept. 8.
Freedom Truck Finance was started in 2013 by a group that includes Blake Bozman, Scot Foith and Brad Reeves, who started Drive Financial Services, a subprime auto lender, in 1992 and sold it to Spanish banking firm Santander for $800 million in 2006.
Freedom Truck Finance President David Leventhal said the deal with SunTx represents an opportunity to “further solidify our market-leading position and to continue transforming an exciting and growing industry.”
The independent owner-operator market is “underserved” in terms of financial services, Leventhal noted.
Freedom Truck Finance does business with more than 900 equipment dealers in 38 states and includes corporate level agreements with two of the largest dealership networks in the United States, company officials said.