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Local Finance Firm Hennessey Capital Purchased

ROCHESTER -- Rochester-based Hennessey Capital LLC said Monday that its assets have been purchased by Norwalk, Conn.-based Hitachi Capital America Corp.

Hennessey spokeswoman Katie Mullin said the company's headquarters in Rochester will remain open, and its 12 employees will remain. Hitachi did not previously have an office in the Detroit area.

Since 2002, Hennessey Capital has been providing working capital financing to help companies increase cash flow and enhance profitability.

"This was an opportunity for us to partner with a company who shares our philosophy of helping grow entrepreneurial companies and providing superior client service," said Mike Semanco, president of Hennessey Capital. "This partnership will give us access to greater resources as we develop our business model of the future." 

Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to Hitachi group companies and the commercial business sector of the United States.

"The addition of the Hennessey Capital team and infrastructure to our company is a perfect strategic fit," said William H. Besgen, President of Hitachi Capital America. "Their factoring and asset-based lending products will complement the financing options we currently provide to our Hitachi companies and their customers and will enhance the value we offer both now and in the future."

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Hennessey Capital provides working capital for growing companies that are post-revenue, in transition, or otherwise do not meet the credit guidelines of traditional bank lending. Products and services include factoring, asset-based lending programs, collateral management services, and business coaching.

Hitachi Capital America was incorporated in October 1989 and started operations in April 1990. It is a wholly owned subsidiary of Hitachi Capital Corp of Tokyo, Japan. Our parent was founded in 1957 as a subsidiary of Hitachi Ltd., and has become one of the leading financial institutions in Japan. It has sister companies in the United Kingdom, Singapore, Hong Kong, Thailand, Malaysia, Indonesia and China.

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