Element Financial Corp. has entered into an agreement to acquire Cincinnati, Ohio-based Bush Truck Leasing. As part of the deal, Element will also acquire Bush Specialty Vehicles, which provides upfitting and maintenance services to Bush Truck Leasing and other clients. According to a release from Element, Bush Truck Leasing’s portfolio of finance receivables has a book value of approximately $55 million U.S.
Bush Truck Leasing was founded in the 1970s, according to Element, and specializes in providing vehicle financing and other services to more than 70 national and regional enterprise clients in the local pick-up, delivery, and transportation service industry. This includes providing lease financing for acquiring and upfitting vehicles, primarily new and used light-duty trucks, vans, and specialized vehicles.
According to Element, the company expects the transaction to close on or before August 31, 2013.