Business
Element to Acquire Cincinnati-based Bush Truck Leasing
Establishes US-Based Transportation Finance Capabilities TORONTO , June 25, 2013 ...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nEstablishes US-Based Transportation Finance Capabilities\n\n\nTORONTO, June 25, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)\n (\"Element\") announced today that it has entered into a definitive\n agreement to acquire the business of Cincinnati-based Bush Truck\n Leasing, Inc. (\"BTL\") from its founder, Michael Bush.  BTL's current\n portfolio of finance receivables with a book value of approximately\n US$55 million.  As part of the transaction, Element also acquired the\n business of Bush Specialty Vehicles, Inc., (\"BSV\") which provides\n vehicle up-fitting and maintenance services to BTL and for other\n third-party customers.  The transaction will be funded from Element's\n existing capital resources and is expected to be accretive to Element\n shareholders commencing in 2014.\n\n\n\"This strategic acquisition provides a scalable origination platform for\n extending our well-established transportation equipment finance\n capabilities into the U.S. market,\" noted Bradley Nullmeyer, President\n of Element Financial Corporation.\n\n\nOriginally founded in the 1970's, Bush Truck Leasing and Bush Specialty\n Vehicles specialize in providing vehicle financing solutions and\n related services to more than 70 national and regional enterprise\n clients involved in local pick-up, delivery and transportation\n services.  This includes providing lease financing for the acquisition\n and up-fitting of the required vehicles, principally new and used light\n duty trucks, vans and specialized vehicles.  Additional details\n pertaining to BTL's and BSV's financial results and this transaction\n were not disclosed.\n\n\n\"The transaction is transformational for Bush Truck Leasing and Bush\n Specialty Vehicle customers, and our employees, as it aligns us with a\n financial services partner that truly understands the transportation\n equipment market and has the financial capacity to fund our continued\n growth,\" said Michael Bush, Bush Truck Leasing's President and CEO.\n\n\n\"Bush Truck Leasing is a scalable business that has successfully\n positioned itself in a segment of the U.S. transportation equipment\n market that we believe has excellent growth characteristics,\" noted Don\n Campbell, CEO of Element Financial (USA).  \"Under Michael's continued\n leadership and the improved access to cap...