Hilco Global, speciializing in asset valuation, monetization, and advisory solutions, announced on May 24 2021, that it’s commercial-industrial team has acquired all of the assets of Sutton Leasing, a fleet leasing company based in Sterling Heights Mich., in a multi-million-dollar transaction which closed on May 7, 2021.
The Hilco Commercial Industrial team plans to operate the company, managing the fleet lease portfolio which consists of over 7,000 cars, trucks, and other transportation equipment. The new company will be called H19 Sutton Leasing and will be added to the H19 group of companies, which includes the Indianapolis-based H19 Capital, which Hilco acquired in 2020 and specializes in truck leasing.
H19 Sutton Leasing will remain one of the top 10 fleet management companies in the United States, having additional offices in Northbrook, IL. and Vandalia, OH, while maintaining the headquarter operation in Michigan.
Steven Tanzi, president of Hilco Performance Solutions said, “We are uniquely positioned for the acquisition of Sutton Leasing due to the success we’ve had with last year’s purchase of H19 Capital as there are considerable operational and administrative synergies between Hilco’s H19 truck leasing operation and assets and the acquisition of automobile focused Sutton Leasing. These synergies provide knowledge and services that will help dramatically improve the company’s financial performance going forward. The transaction was structured using a combination of debt and equity. Hilco Commercial Industrial closely aligned with Wells Fargo to close the transaction and financial details have not been disclosed.
H19 Sutton Leasing customers will experience a smooth transition as the new company plans to retain most of the staff at this time. The new entity will be called H19 Sutton Leasing and will be led by Tanzi, president of Hilco Performance Solutions who will serve as chief executive officer. Other leaders that will be managing the business are the following: David Dye, managing director of Hilco Performance Solutions who will serve as chief financial officer; Bryan Courcier, senior vice president of Hilco Valuation Services, will serve as chief operating officer; and Buddy Beaman, executive vice president at Hilco Receivables will serve as chief commercial officer.
Hilco Global is a privately held diversified financial services company that maximizes the value of assets for both healthy and distressed companies. Hilco Global operates as a holding company comprised of over 20 specialized business units that work to help companies understand the value of their assets and then monetize that value. Hilco Global is based in Northbrook, Illinois and has 600 professionals operating on five continents.