Business
Element Financial Corporation Closes Acquisition of Assets of Bush Truck Leasing
TORONTO , Sept. 16, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or "...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nTORONTO, Sept. 16, 2013 /CNW/ - Element Financial Corporation (TSX:EFN)\n (\"Element\" or \"the Company\"), one of North America's leading\n independent equipment finance companies, today announced that it has\n closed its acquisition of a select portfolio of existing finance assets\n and origination platforms of Cincinnati-based Bush Truck Leasing, Inc.\n (\"BTL\").  Financial terms of the transaction were not disclosed.\n\n\nOriginally founded in the 1970's by Michael Bush, Bush Truck Leasing\n specializes in providing vehicle financing solutions and related\n services to national and regional enterprise clients involved in local\n pick-up, delivery and transportation services.  This includes providing\n lease financing for the acquisition of the required vehicles,\n principally new and used light duty trucks, vans and specialized\n vehicles. Element expects annual origination volumes in the range of\n US$90 to $100 million from this business commencing in the fourth\n quarter of this year.\n\n\n\"We are acquiring a very strong origination team that, with Mike's\n continued leadership under the Element banner, will now have access to\n the added funding capacity required to expand the business's client\n base and increase transaction volumes,\" said Bradley Nullmeyer,\n Element's President. \"In addition to this incremental origination\n volume, this transaction also provides Element with an established base\n on which to begin building a growing presence in the US transportation\n equipment market,\" added Mr. Nullmeyer.\n\n\nAbout Element Financial Corporation\n\n\nWith total assets of approximately $2.5 billion, Element Financial\n Corporation is one of North America's leading independent equipment\n finance companies. Element operates across North America in three\n verticals of the equipment finance market - Element Capital provides\n large ticket equipment financing, Element Finance serves the mid-ticket\n equipment finance market and Element Fleet provides vehicle fleet\n leasing and 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 ...