PacWest Bancorp and Marquette Equipment Finance have agreed to acquire Marquette Equipment Finance. The former was founded in 2006 and specialized in financing and leasing business equipment. The company's transaction portfolio is in the mid-ticket range. The new owners will keep the current management team and focus on equipment finance. The new name is EQF. The company will remain focused on equipment finance and retain its name, and Pacific Western will continue to use MEF's current branding and reputation.
PacWest
Bancorp has completed the acquisition of Marquette Equipment Finance. MEF is a
specialty equipment leasing company based in Midvale, Utah. The company
specializes in mid-ticket business equipment leases. At the end of 2011, the
company had $166 million in outstanding leases in 18 industries. Of this, 68
percent of the exceptional leases were in the mining, construction, and energy
sectors. The new owners will keep the current name and structure.
The new
owners of Marquette Equipment Finance have an excellent management team and a
conservative approach to credit. In addition to the PPR purchase option,
PacWest maintains MEF's independence. The company will continue to operate as a
subsidiary of Pacific Western Bank. The deal is expected to close within the
next few weeks. The combined company will retain all 71 MEF employees,
including Jim Christensen, executive vice president, and Christian Emery, CFO.
The
company's management team is confident in the company's ability to continue
operating under the PacWest brand. The bank intends to continue working as a
subsidiary of Pacific Western Bank, and MEF will continue to use it
independently as a part of the Pacific Western bank system. The company will
retain all of its 71 employees, including its CEO, Jim Christensen. The deal
also includes the remaining assets of MEF, which total $18 million as of
December 2011.
Marquette
Equipment Finance was formed on 08/03/2007. It is a non-domestic corporation
with its headquarters in Midvale, Utah. Its name is "MEF." Its
location is 6975 Union Park Ct., Ste 200, MIDVALE, UTAH 80447-6095. Its legal
address is "Marquette Equipment Finance, LLC." Its CEOs will continue
to be employees of PacWest.
Marquette
Equipment Finance was incorporated on 08/03/2007 as a non-domestic corporation.
It is headquartered in Midvale, Utah, and focuses on mid-priced commercial
equipment leases. As of December 2011, MEF had a total of $166 million in
leases outstanding. MEF's top three industries account for nearly six-fifths of
all transactions. Despite this, the merger has not affected the business's
growth.
PacWest
Bancorp announced the acquisition of Marquette Equipment Finance. The
investment is an excellent fit for PacWest. The bank aims to expand its
presence in the mid-priced segment. The deal is a good fit for both sides. The
merger will help PacWest and Marquette continue to operate as separate
companies. The new company will continue to work as a subsidiary of PacWest.
The MEF team will remain in place with its current management team.
The
merger will enable the company to offer its customers a more competitive loan
structure. MEF's credit risk profile is shallow. The company will continue to
operate as a subsidiary of PacWest Bank and will retain all of its 71
employees. The deal will create a more efficient environment for both parties,
making it easier to compete in the market. The merger will not affect the
business model. The company plans to remain independent and maintain its strong
management team.
The
acquisition of Marquette Equipment Finance has brought more stability to the
business and will provide more opportunities for the company's employees. The
transaction was completed in December 2011, and the parties are now working
together to grow the company. The new firm will continue to operate as a
standalone entity, and the merger will allow the combined firm to remain
competitive in the market. The union also brings together two leading companies
in the equipment leasing industry. The MEF team is based in Midvale, Utah.
PacWest
Bancorp's acquisition of Marquette Equipment Finance, based in Midvale, Utah,
has been a good fit for the company. Despite its conservative credit strategy,
MEF will remain a subsidiary of PacWest Bancorp. The bank has retained all 71
employees of Marquette Equipment Finance, including its chief executive officer
and executive vice president. In addition to this, the deal will provide MEF
with access to a broader range of customers and enhance its ability to offer
its clients favorable terms.
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