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CJM Financial to merge with FirstLine Funding Group


FirstLine Funding Group, based in Madison, S.D., announced it has signed a stock purchase agreement to acquire Ankeny-based CJM Financial Inc., a receivable financing company for the trucking industry. With the purchase, CJM Financial will change its name to reflect its integration into FirstLine Funding Group, which plans to retain CJM’s employees and its location in Ankeny. Financial terms of the merger were not disclosed. “In joining forces with CJM, our strategy is to leverage our core shared values while streamlining back-office support in order to provide our clients quick access to operating cash flow,” Lori Gustaf, president of FirstLine Funding Group, said in a press release. “The addition of CJM Financial will allow us to expand our presence throughout the United States through two centrally located facilities with strong ties to their communities.” Trent Murphy, CEO and owner of CJM, said the two companies’ values are strongly aligned. CJM was sought after by many national and international interests from the factoring community with the goal to merge, Murphy said. CJM began as a small family business in 1993. FirstLine Funding Group is the factoring division of Sioux Falls, S.D.-based First Bank & Trust, one of South Dakota’s largest privately held bank holding companies, with more than $3.8 billion in assets. The transaction is set to close in October. Des Moines-based investment banker NCP Inc. is the exclusive financial adviser to CJM in the merger; Lamberti, Gocke and Luetje PC in Ankeny is acting as legal counsel.

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