Toyota Industries Acquires LiftCapital Corporation to enhance sales finance business in Canada

TORONTO, May 17, 2017 /CNW/ - Toyota Industries Corporation (hereinafter "TICO") completed the acquisition of LiftCapital Corporation/ Corporation LiftCapital (hereinafter "LCC"), a Canadian sales financing company which provides financial services and solutions to lift truck dealers and other customers throughout Canada. 

By acquiring the financial assets and human resources of LCC, TICO, through the operational leadership of its subsidiary company Toyota Industries Global Commercial Finance (hereinafter "TIGCF"), is attaining the knowledge of customer financing solutions that LCC has built over the past 15 years. This will enable TIGCF to strengthen its operations in North America, and allow it to continue the global expansion of its sales financing business in the future.

Details

1. Overview of the operations and assets acquired:


1)

Target of acquisition:

financial assets, business rights, infrastructure, etc.


2)

Effective Date of acquisition:

May 1, 2017

2. Reasons for LCC's acquisition of operations and assets:

With regard to the sale of industrial vehicles in Canada, in order to cater to customer and dealer needs for lease, rental and wholesale financing products, TIGCF acquired LCC and its existing operations. More specifically, through this acquisition TIGCF intends to strengthen collaboration with dealers through implementation of new wholesale financing programs and maintain long-term relationships with end customers through a competitive offering of retail financial solutions.  Additionally, TIGCF intends to expand and offer new financial products and services in Canada similar to those provided in the U.S.

3. Overview of LCC (prior to acquisition)


1)

Company Name:

LiftCapital Corporation/Corporation LiftCapital


2)

Head Office Location:

Toronto, Ontario, Canada


3)

Name of Representative:

President & Managing Director: Chris Sadler
EVP & CFO: Doug Chau


4)

Employees:

15


5)

Primary Business:

Origination and management of sales finance operations for materials handling equipment and other lines of business throughout Canada

4. Overview of NewCo (post-acquisition)


1)

Company Name:

To be renamed Toyota Industries Commercial Finance Canada, Inc. 


2)

Management Team:

President & Managing Director: Chris Sadler
EVP & CFO: Doug Chau


3)

Board of Directors:

Name

Primary Position

Dave Crandall (Chairman)

President, TIGCF

Chris Sadler

Managing Director, TICF-Canada

Jeff Ruferner

President, Toyota Materials Handling, USA

Roger Sutton

President, Liftow Limited

Troy Graziani

Director, TIGCF International Operations


4)

Stock ownership (100%):

TICO

5. North America Operational Structure

With the acquisition, TIGCF will now be operationally responsible for all Toyota sales finance activities in North America through three individual entities in the U.S., Canada and Mexico.  The operational structure, shown graphically, will create greater synergy and allow for growth and improved cross border service for our customers.

6.  Forward-Looking Statements

This press release contains forward-looking statements regarding TICO and the new company, such as projections, goals, plans, and strategies. These forward-looking statements do not guarantee future results and are based on known or unknown risks, uncertainties, and other factors that could cause TICO or the new company's actual results, development, or financial conditions in the future to differ materially from those indicated in this release. These forward-looking statements contain the words "anticipates," "aims to," "plans to," "there is a possibility that," and similar expressions and in particular, statements containing such words as "projection," "goal," "plan," and "strategy." Many factors may cause future results to differ materially from those set forth in these forward-looking statements described in this press release. These factors include but are not limited to the risk that the regulatory or other conditions necessary for completing the acquisition will not be satisfied, the effect of changes in the legal system or accounting standards affecting the parties or the business environment, issues in executing business strategies, the effect of financial instability or fluctuations in general economic conditions or industry conditions, and other risks related to the completion of the acquisition. Except as explicitly required by law, neither TICO nor the new company is under any obligation to update any forward-looking statements to reflect new information, future events, or other circumstances. The forward-looking statements contained in this release are subject to these conditions.

SOURCE Toyota

For further information: Justin Robertson, Marketing and Communications Specialist, ph: 416.865.7216, justin.robertson@mcmillan.ca

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