Credit Services & Lending M&A » By The Online Investor Staff, updated Thu., Apr. 25, 11:01 PM
Recent mergers and acquisitions in the Credit Services & Lending M&A category.
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Slide #55. Element Financial Corporation — Bush Truck Leasing
Acquirer:
Element Financial Corporation (TSE:EFN.CA)
Acquiree:
Bush Truck Leasing
Details:
Element Financial Corporation (TSX: EFN) ("Element") announced today that it has entered into a definitive agreement to acquire the business of Cincinnati-based Bush Truck Leasing, Inc. ("BTL") from its founder, Michael Bush. BTL's current portfolio of finance receivables with a book value of approximately US$55 million. As part of the transaction, Element also acquired the business of Bush Specialty Vehicles, Inc., ("BSV") which provides vehicle up-fitting and maintenance services to BTL and for other third-party customers. The transaction will be funded from Element's existing capital resources and is expected to be accretive to Element shareholders commencing in 2014.
Element Fleet Management is a fleet management company providing services and financing solutions for commercial vehicle fleets and equipment fleets. Co. also provides related services programs to domestic and international companies, including fuel and maintenance service cards, remarketing, maintenance management and accident services.
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