TORONTO, Sept. 16, 2013 /CNW/ - Element Financial Corporation (TSX:EFN)
("Element" or "the Company"), one of North America's leading
independent equipment finance companies, today announced that it has
closed its acquisition of a select portfolio of existing finance assets
and origination platforms of Cincinnati-based Bush Truck Leasing, Inc.
("BTL"). Financial terms of the transaction were not disclosed.
Originally founded in the 1970's by Michael Bush, Bush Truck Leasing
specializes in providing vehicle financing solutions and related
services to national and regional enterprise clients involved in local
pick-up, delivery and transportation services. This includes providing
lease financing for the acquisition of the required vehicles,
principally new and used light duty trucks, vans and specialized
vehicles. Element expects annual origination volumes in the range of
US$90 to $100 million from this business commencing in the fourth
quarter of this year.
"We are acquiring a very strong origination team that, with Mike's
continued leadership under the Element banner, will now have access to
the added funding capacity required to expand the business's client
base and increase transaction volumes," said Bradley Nullmeyer,
Element's President. "In addition to this incremental origination
volume, this transaction also provides Element with an established base
on which to begin building a growing presence in the US transportation
equipment market," added Mr. Nullmeyer.
About Element Financial Corporation
With total assets of approximately $2.5 billion, Element Financial
Corporation is one of North America's leading independent equipment
finance companies. Element operates across North America in three
verticals of the equipment finance market - Element Capital provides
large ticket equipment financing, Element Finance serves the mid-ticket
equipment finance market and Element Fleet provides vehicle fleet
leasing and management solutions.
This release includes forward-looking statements regarding Element and
its business. Such statements are based on the current expectations
and views of future events of Element's management. In some cases the
forward-looking statements can be identified by words or phrases such
as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting Element,
including risks regarding the equipment finance industry, economic
factors and many other factors beyond the control of Element. No
forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statement or information. Accordingly, readers should
not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Element undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE Element Financial Corporation
