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Element Financial Corporation Acquires US$245 million Helicopter Portfolio
Purchase of GE portfolio positions Element for deeper penetration of the North American co...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nPurchase of GE portfolio positions Element for deeper penetration of the\n North American commercial helicopter market\n\n\nTORONTO, Dec. 9, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)\n (\"Element\" or \"the Company\"), one of North America's leading equipment\n finance companies, today announced that it has signed a definitive\n agreement with a subsidiary of GE Capital in the US to acquire a\n portfolio of finance assets secured by individual helicopters operated\n by a diversified base of customers across a variety of industries for a\n purchase price of approximately US$ 245 million.\n\n\nThe portfolio purchase gives Element a very broad and diversified base\n on which to build its position as a leading financial partner serving\n the North America commercial helicopter market. The acquired portfolio\n of assets consists of 59 individual helicopters operated by more than a\n dozen customers in various commercial lift applications including oil\n and gas resource development and medevac services. The portfolio has no\n history of losses and has a credit profile that is in alignment with\n Element's existing book of aviation financings.\n\n\nThe demand for commercial helicopters in North America is principally\n driven by applications in the oil and gas industry and for emergency\n response services (medevac, police and fire suppression).\n\n\nThe transaction is expected to close on or before December 31, 2013\n subject to customary conditions precedent.\n\n\nAbout Element Financial Corporation\n\n\nWith total assets of approximately $2.7 billion, Element Financial\n Corporation is one of North America's leading equipment finance\n companies. Element operates across North America in three verticals of\n the equipment finance market - Element Capital provides large ticket\n equipment financing, Element Finance serves the mid-ticket equipment\n finance market and Element Fleet provides vehicle fleet leasing and\n management solutions.\n\n\nThis release includes forward-looking statements regarding Element and\n its business.  Such statements are based on the current expectations\n and views of future events of Element's management.  In some cases the\n forward-looking statements can be identified by words or phrases such\n as \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\",\n \"pote...