Dive Brief:
- Love’s Travel Stops has acquired the U.S. transportation factoring portfolio of commercial finance solutions company REV Capital for an undisclosed amount, the retailer announced on July 29.
- The deal, which officially closed July 26, moves more than 500 new customers over to Love’s Financial, the company’s financial services business, the announcement said. Customers are not expected to see disruptions as a part of the acquisition.
- This deal bolsters Love’s plans to grow its financial services business, according to the announcement.
Dive Insight:
Love’s has been strategically expanding its services both inside and outside of stores through M&A deals in recent years.
Love’s already offered factoring services, which helps truckers get paid for their invoices faster, as part of its Love’s Financial arm. Other Love’s Financial services these new customers can now access include fuel discounts, a no-fee credit line on Love’s Express Billing Program and access to services like emergency roadside and light mechanical at Love’s Truck Care and Speedco.
“During a challenging freight market, this acquisition underscores Love’s commitment to grow strategically as a leader in helping owner operators and fleets of any size grow their business,” Love’s President Shane Wharton said in the announcement.
This isn’t the only area Love’s has bolstered through M&A recently. Love’s obtained its first locations along turnpikes in April 2023 when it acquired 22 EZ GO stores in three states. Then in October, the retailer purchased trucker services company TVC Pro-Driver. On-demand services available through the TVC Pro-Driver membership club include access to legal representation, fuel and travel savings, emergency roadside assistance, bond payments and loss protection.
In addition to its financial arm, Oklahoma City-based Love’s owns almost 650 travel stops in 42 states along with RV parks; truck washing and service centers; commodity supply, trading and logistics company Musket; and alternative fuel company Trillium.