GA Group Acquisition Signals Consolidation in Asset-Based Lending Field Exams

Westlake Village, Calif. – November 4, 2025 – Great American Holdings, LLC (GA Group) has announced the acquisition of CBC Group, LLC, a move signaling a broader trend of consolidation within the asset-based lending (ABL) field examination market. The acquisition, backed by Oaktree Capital Management, L.P., aims to bolster GA Group’s capabilities and expand its reach, particularly into the Canadian market.

While details of the deal remain undisclosed, industry analysts suggest the move reflects a strategic effort to achieve economies of scale and offer a more comprehensive suite of services in an increasingly competitive landscape. GA Group, a provider of valuation, field exam, liquidation, and real estate services, is positioning itself as a one-stop shop for lenders seeking robust due diligence and risk mitigation.

A Growing Need for Specialized Expertise

The ABL market has seen steady growth in recent years, driven by a demand for flexible financing options, particularly amongst middle-market companies. This growth has, in turn, fueled a need for specialized field examination services – a critical component of ABL risk assessment. Field exams go beyond basic financial statement analysis, providing on-site verification of collateral, inventory, and accounts receivable.

“The complexity of modern supply chains and the increasing prevalence of fraud require a more thorough and nuanced approach to asset verification,” explains one industry consultant who wished to remain anonymous. “Lenders are looking for partners who can provide that level of expertise and deliver accurate, reliable information.”

CBC Group, with its two decades of experience focusing specifically on ABL field examinations, brought a valuable skillset to the table. By integrating CBC’s team of experienced examiners, GA Group effectively expands its capacity and deepens its expertise in this specialized area. The combined entity now boasts nearly 40 field examiners, providing coverage across North America, including a vital foothold in Canada.

Oaktree’s Strategic Play

The acquisition is also notable for the role played by Oaktree Capital Management, GA Group’s majority owner. Oaktree, a leading global investment firm, has been actively investing in companies that provide essential services to the financial sector. This acquisition aligns with Oaktree’s broader strategy of building a portfolio of companies that are well-positioned to benefit from secular trends in the market.

“Oaktree is known for its focus on value investing and its willingness to take a long-term view,” says a financial analyst familiar with Oaktree’s investment strategy, requesting anonymity. “They see the ABL market as a stable and growing sector, and they believe that GA Group has the potential to become a market leader.”

Sources indicate Oaktree's involvement isn't merely financial. They have been actively guiding GA Group’s strategic direction, encouraging expansion through both organic growth and targeted acquisitions. The acquisition of CBC is seen as a prime example of this strategy in action.

Consolidation as a Trend

The GA Group-CBC deal isn’t occurring in isolation. The ABL field examination space is seeing a growing trend of consolidation, as smaller firms are acquired by larger players. This trend is being driven by several factors, including the need for greater economies of scale, the increasing complexity of ABL transactions, and the demand for greater technological innovation.

“Smaller firms are finding it increasingly difficult to compete with larger players who can offer a broader range of services and invest in cutting-edge technology,” one industry insider explained. “We expect to see more consolidation in this space in the coming years.”

This consolidation isn't without potential downsides. Concerns have been raised about the potential for reduced competition and higher prices. However, proponents of consolidation argue that it can lead to greater efficiency, innovation, and improved service quality.

Technology & the Future of Field Exams

While human expertise remains crucial, technology is playing an increasingly important role in ABL field examinations. Companies are leveraging data analytics, artificial intelligence, and remote monitoring tools to improve the efficiency and accuracy of their assessments.

“The use of drones for inventory verification, AI-powered fraud detection, and remote access to data are all becoming more commonplace,” notes an analyst specializing in financial technology. “Companies that can effectively integrate these technologies will have a significant competitive advantage.”

GA Group has signaled its intention to invest in these technologies, with plans to integrate data analytics and machine learning into its field examination processes. The combination of experienced examiners and cutting-edge technology is expected to drive significant improvements in efficiency, accuracy, and risk mitigation.

The acquisition of CBC Group represents a strategic move for GA Group, positioning the company for continued growth and success in the evolving ABL field examination market. As consolidation continues and technology reshapes the industry, companies that can deliver comprehensive services, leverage data analytics, and attract top talent will be best positioned to thrive. The industry will be watching to see how GA Group leverages its expanded capabilities and integrated expertise in the months and years to come.