Element Financial Corp., an independent equipment finance company, has purchased GE Capital's Canadian fleet portfolio. As part of this agreement, the two companies said they have formed a strategic alliance to deliver vehicle fleet financing and management services to cross-border customers in Canada and the United States.

GE Capital's Canadian fleet operations will be combined with Element's TLS Fleet Management. TLS is Element's existing fleet management business and serves the Canadian fleet industry under the Element Fleet Management brand.

Element Financial Corp. has total assets of approximately C$2.4 billion and operates in three verticals in the equipment financing marketing. The company’s Element Capital provides large ticket equipment leasing. Element Finance serves the mid-ticket equipment finance market, and Element Fleet provides vehicle fleet leasing and management solutions, according to the company.