TCF Leasing, Inc. Acquires VGM Leasing, Inc.
TCF Leasing, Inc. announced on March 23 that it has acquired VGM Leasing, Inc. of Waterloo, Iowa. VGM Leasing, Inc., manages an approximate $120 million lease portfolio, and operates under the trade name VGM Financial Services. VGM Leasing, Inc. founded in 1991, is a provider of equipment finance, primarily in the home health care industry. It was one of 18 companies affiliated with the VGM Group of companies. The ownership of the other companies of the VGM Group was not affected by the transaction. In conjunction with the acquisition, TCF Leasing entered into a long-term agreement to be the exclusive provider of financing for the VGM Group. VGM Financial Services will continue to market under the same trade names currently used and all employees will be retained in the Waterloo offices. Terms of the transaction were not disclosed.