PacWest Bancorp and Marquette Equipment Finance have agreed to acquire Marquette Equipment Finance. The company was founded in 2006 and is specialized in the financing and leasing of equipment for businesses. The business's portfolio of transactions is priced in the middle of the market. They will continue the existing management team and concentrate on financing equipment.
The new name will be EQF. The company will continue to focus on equipment finance and keep its current name, and Pacific Western will continue to use MEF's existing branding and reputation.
PacWest Bancorp has completed the acquisition of Marquette Equipment Finance. MEF is a specialist equipment leasing business based out of Midvale, Utah.
MEF specializes in mid-priced business leases of equipment. By the end of 2011, the company held $166 million of outstanding leases in 18 different industries. More than 68 percent of the remaining leases fell in the construction, mining, and energy sectors. The new owner will maintain the name and structure in place.
They are the new owner of Marquette Equipment Finance have an outstanding management team and an approach to credit that is conservative. Alongside having the PPR purchasing option, PacWest has remained independent of MEF. The company will continue to be an affiliated company to Pacific Western Bank. The transaction is expected to close in the coming weeks.
The new company will keep the 71 MEF employees, including Jim Christensen, executive vice president, and Christian Emery, CFO.
The company's management team believes in its ability to continue to operate as a subsidiary under its PacWest brand. The bank plans to continue to work as an affiliated company to Pacific Western Bank, and MEF will continue to operate on its own within the Pacific Western bank system. MEF will keep the 71 employees, including its CEO Jim Christensen. It also comprises the rest of the assets owned by MEF, worth $18 million at the end of December 31, 2011.
Marquette Equipment Finance was formed on 03/03/2007. The company is an international company with its headquarters located in Midvale, Utah. The name of the company is "MEF." Its address is 6975 Union Park Ct., Ste 200, MIDVALE, UTAH 80447-6095. The legal address of the company is "Marquette Equipment Finance LLC." The CEOs will work for PacWest.
Marquette Equipment Finance was incorporated on March 08, 2007, as a non-domestic corporate. Its headquarters are at Midvale, Utah, and concentrates on commercial equipment with a price range of mid-price leases. As of December 31, 2011, MEF had a total of $166 million of leases in force. The top three industries of MEF make up nearly six-fifths of the transactions. However, the merger hasn't impacted the company's expansion.
Marquette Equipment Finance was acquired. PacWest Bancorp announced Marquette Equipment Finance.
The acquisition is a good match for PacWest. The bank is looking to increase its presence within the middle-priced segment. The merger is a good match for both parties. The merger will allow PacWest and Marquette to continue to run as distinct companies. Marquette will be an independent subsidiary of PacWest. MEF will remain in place. The MEF team will continue to be in place and the present management.
The merger will allow MEF to offer its customers a more competitive lending structure. The credit risk profile of MEF is shallow. MEF will continue to be an affiliated company part of PacWest Bank and will retain the 71 employees it employs. The merger will result in an efficient working environment for both sides, allowing both parties to compete in the marketplace.
The union won't affect its business strategy. The company will remain independent and retain its formidable management team.
Acquiring Marquette Equipment Finance has brought more stability to the company and is expected to create more significant opportunities for the company's employees. The acquisition was completed in December of 2011, and the two parties are currently working together to build the business. The new company will remain an independent entity, and the merger will enable the company to stay at the forefront of the marketplace. The merger will also bring two of the biggest firms in the equipment leasing sector.
MEF is a subsidiary of Midvale, Utah. MEF team is located within Midvale, Utah.
PacWest Bancorp's acquisition of Marquette Equipment Finance, based in Midvale, Utah, has been an excellent choice for the business. Despite its conservative credit policy, MEF will remain a part that is part of PacWest Bancorp. The bank has kept the 71 employees who work for Marquette Equipment Finance, including its chief executive officer and executive vice president. Furthermore, the deal will give MEF the ability to connect with a greater variety of customers and will increase the capacity of MEF to offer clients competitive conditions.
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