Element Financial Closes Acquisition of Bush Truck Leasing's Assets
Element Financial Corp. has closed its acquisition of the existing finance assets and origination platforms of Bush Truck Leasing. Cincinnati, Ohio-based Bush Truck Leasing specializes in providing vehicle financing solutions and related services to regional and national business clients involved in local pick-up, delivery and transportation services, according to Element. This includes providing lease financing for the acquisition of the required vehicles, principally new and used light-duty trucks, vans, and specialized vehicles.
Element stated it expects annual origination volumes in the range of US$90 to $100 million from this business commencing in the fourth quarter of this year. Financial terms of the transactions were not disclosed, according to the company.
"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.”