Element Financial Corporation Closes Acquisition of Assets of Bush Truck Leasing
TORONTO, Sept. 16, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or "the Company"), one of North America's leading independent equipment finance companies, today announced that it has closed its acquisition of a select portfolio of existing finance assets and origination platforms of Cincinnati-based Bush Truck Leasing, Inc. ("BTL"). Financial terms of the transaction were not disclosed.
Originally founded in the 1970's by Michael Bush, Bush Truck Leasing specializes in providing vehicle financing solutions and related services to national and regional enterprise clients involved in local pick-up, delivery and transportation services. This includes providing lease financing for the acquisition of the required vehicles, principally new and used light duty trucks, vans and specialized vehicles. Element expects annual origination volumes in the range of US$90 to $100 million from this business commencing in the fourth quarter of this year.
"We are acquiring a very strong origination team that, with Mike's continued leadership under the Element banner, will now have access to the added funding capacity required to expand the business's client base and increase transaction volumes," said Bradley Nullmeyer, Element's President. "In addition to this incremental origination volume, this transaction also provides Element with an established base on which to begin building a growing presence in the US transportation equipment market," added Mr. Nullmeyer.
About Element Financial Corporation
With total assets of approximately $2.5 billion, Element Financial Corporation is one of North America's leading independent equipment finance companies. Element operates across North America in three verticals of the equipment finance market - Element Capital provides large ticket equipment financing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Element Financial CorporationFor further information:
Senior Vice President
Corporate Affairs & Investor Relations
(416) 386-1067 ext. 2313
Chief Financial Officer
(416) 386-1067 ext. 2225