Goldman Sachs Alternatives has acquired FGI Worldwide, a New York-based provider of working capital financing and trade credit insurance solutions.
The acquisition, whose financial terms were not disclosed, will enable FGI to grow and expand its suite of financing, risk and insurtech solutions.
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FGI provides innovative asset-based lending and risk mitigation, with a focus on multi-jurisdictional working capital solutions that support businesses with flexible financing to drive domestic and global expansion.
The business is split in three main units: FGI Finance, FGI Risk, and FGI Tech. The tech division also operates a web-based credit insurance management platform that automates the management and administration of credit insurance policies in real-time.
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Under the new ownership, Sami Altaher, co-founder and president of FGI, will succeed co-founder David DiPiero as chief executive.
“Looking ahead, we are focused on thoughtfully scaling the business by investing in our platform and expanding our product capabilities, while remaining committed to serving small and medium-sized enterprises and the broader commercial finance industry,” said Altaher.
“As the company’s first institutional investors, we look forward to bringing the full scope of Goldman Sachs’ resources to help FGI capitalise on the significant opportunities ahead,” commented Anthony Arnold, partner within Goldman Sachs’ private equity division.
“We are impressed by the capabilities and operational sophistication FGI has built,” added Michael Coleman, managing director within private equity at Goldman Sachs.
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