Sonoma Capital Corp. Announces Strategic Investment by Megill-Stephenson
WINNIPEG, MB, May 23, 2024 /CNW/ - Sonoma Capital Corp. ("Sonoma") announces a strategic investment by The Megill-Stephenson Company Limited ("Megill") becoming the second largest shareholder in the business.
Since launching the business in 2022, Sonoma has attracted some of the most talented people in the Canadian equipment finance industry, which has allowed the business to grow rapidly across Canada. Megill's investment provides more than capital; it signals a confidence in the industry and a belief in Sonoma's future as Winnipeg's Chipman family makes its return back into the equipment finance market. Megill's involvement will include the addition of key senior executive board members supporting Sonoma's mandate of growth while accelerating immediate investments in technology, people, relationships, and enhanced funding capacity.
This strategic partnership enhances the reputation of Sonoma and Geminus Acquisition & Management Inc. ("Geminus"), parent and majority owner of Sonoma, while also facilitating Megill's re-entry into the equipment finance market. Brad Peacock, President and Chief Investment Officer, and Paul Beatty, Chief Financial Officer, both of Megill will be joining the board of directors alongside, Randy Smyth, Chief Executive Officer, Aaron Van Hoevelakk, Chief Finance Officer, both of Geminus, and Michael Dubowec, President of Sonoma.
"We are excited about the opportunity to re-enter the equipment finance space through our partnership with Sonoma. Over the past few years, Sonoma has built an outstanding reputation for customer service, employee culture, and brokerage and lending relationships. Moreover, Sonoma shares many of the same values as Megill's other companies. We have full confidence in the senior leadership team as Sonoma embarks on its next stage of growth and we look forward to, once again, making our mark on the Canadian equipment finance scene," said Jeoff Chipman, Chairman of Megill.
"After previously spending twenty successful years with the Chipman family in the Canadian equipment finance market, we know how exciting this partnership is moving forward to support Sonoma as a leader in our industry. We are fortunate this partnership aligns us both financially and reputationally creating synergies between both companies and leveraging our employees to be successful. This new partnership will allow us to further attract talent, enhance operational efficiencies, and further support our clients, suppliers, brokers, and securitization partners, into the future," said Michael Dubowec.
Randy Smyth added, "I have always been impressed with the Chipman family and their long-term successful track record in the equipment finance market. They grew their enterprise in Winnipeg to become a national firm and award winning, best managed company in Canada. They always created the best culture and people, while staying true to their humble beginnings while treating their employees and clients with respect. With Sonoma's head office in Winnipeg, MB, and the deep history of the Chipman family in the equipment finance industry, it is a natural partnership we are excited to announce. I look forward to working with our new board members and entire Megill team as it feels like a homecoming for all of us."
"It is a very rare opportunity to get back into an industry where you have had success in the past, with people you know and trust, who have a demonstrated track record of growth. The most impressive part of Sonoma is the tremendous culture they have built with their team. That was evident as we spoke with many members of their group. We are very proud to be partners with everyone at Sonoma and are looking forward to the next stage of growth for the Company," said Brad Peacock.
Sonoma Capital is a coast-to-coast Canadian equipment finance lessor offering a full range of finance services to businesses in the prime credit market space. Sonoma's operational head office is headquartered in Winnipeg, MB with an office in Calgary, AB, Montreal, QC, and Fredericton, NB, with a Canada-wide sales force and broker network. Sonoma also supports a wide array of industries, assets, and markets with a niche, service-oriented client focused approach.
The Megill-Stephenson Company Limited is the holding company for the Chipman family of Winnipeg, MB and it has significant investments in automotive, retailing, sports & entertainment, real estate, healthcare, and a variety of other private and public investments. They are also well known within the equipment finance industry, founding one of Canada's most successful leasing businesses. The business grew over thirty years to become Canada's largest independent finance company before selling the business to a Canadian bank in 2009.
Geminus is an independent Canadian financial company that provides consumers and commercial lending solutions across various asset types and credit classes. Headquartered in Calgary, AB, affiliates of Geminus include Arundel Capital, a non-prime equipment leasing business, Sonoma Capital, a prime credit provider of equipment leases, Solution Financial Inc., a luxury auto leasing business that focuses on leasing to international students, and Geminus Servicing Inc., providing standby and active servicing, winddown of portfolios, portfolio reporting, related tax, audit, and compliance services on behalf of financial institutions.
SOURCE Geminus Acquisition & Management Inc.
For media inquiries: Rich Walker, Geminus Acquisition & Management Inc., [P] +1-403-200-4487, [E] [email protected]; Michael Dubowec, Sonoma Capital Corp., |P| +1-204-290-1778, |E| [email protected]
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