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In The Marketplace
Nassau Asset Management of Westbury, NY has announced that Edward Castagna has been named president and that Peter Castagna, the company's founder, will continue his duties as Nassau's active chief executive officer. As president, Castagna will continue to manage daily operations for the company, which provides asset recovery, collections, remarketing, full plant liquidations, and appraisal services to the equipment leasing and finance industry. He recently chaired the Equipment Leasing Association's Service Providers Business Council and is active on its Membership Committee, as well as the 2004 and 2005 Industry Future Councils of the Equipment Leasing and Finance Foundation.
Aviation Capital Group of Newport Beach, CA has signed a stock purchase agreement to acquire Seattle-based Boullioun Aviation Services from WestLB AG. Included in the agreement are 102 owned or managed commercial aircraft, 11 Airbus airplanes currently on order, employees, and other assets of Boullioun Aviation Services. Deutsche Bank Securities acted as the financial adviser to ACG. Deutsche Bank, UBS and HSH Nordbank will provide funding for the acquisition. Additional terms of the transaction were not disclosed and it is expected to be finalized within the second quarter. Aviation Capital is a subsidiary of Pacific LifeCorp, the parent company of Pacific Life Insurance Company.
Bancorp Rhode Island, Inc. of Providence has announced that its subsidiary, Bank Rhode Island, has acquired the business of Macrolease International Corporation, a full-service, national equipment leasing company based in Plainview, NY. The business will be operated by Macrolease Corporation, a newly formed, wholly owned subsidiary of the Bank. Macrolease International was founded in 1969 by CEO Daniel W. West and provides lease financing in a variety of markets. West was named president of the new subsidiary, and his staff will remain based in Plainview.
Resource America Inc. of Philadelphia has announced that its wholly owned leasing subsidiary LEAF Financial Corporation has expanded its lease origination capability and assets under management with the business acquisition of Allco Leasing and Financial Services of Lake Oswego, OR. The acquisition includes a portfolio of leases with a value of $27 million. Following this acquisition, LEAF will manage approximately $250 million of leases for its own account, for institutions and for third-party investors. The acquisition was facilitated by the investment banking services of Diversity Capital, LLC, and bridge financing was provided by the Philadelphia office of National City Bank. Allco Leasing and Financial Services is a commercial equipment finance company established in 1977 that specializes in small- to mid-ticket equipment leasing and originates funds, services, and acquires leases primarily in the western United States.
Nassau Asset Management of Westbury, NY has announced that Edward Castagna has been named president and that Peter Castagna, the company's founder, will continue his duties as Nassau's active chief executive officer. As president, Castagna will continue to manage daily operations for the company, which provides asset recovery, collections, remarketing, full plant liquidations, and appraisal services to the equipment leasing and finance industry. He recently chaired the Equipment Leasing Association's Service Providers Business Council and is active on its Membership Committee, as well as the 2004 and 2005 Industry Future Councils of the Equipment Leasing and Finance Foundation.
Aviation Capital Group of Newport Beach, CA has signed a stock purchase agreement to acquire Seattle-based Boullioun Aviation Services from WestLB AG. Included in the agreement are 102 owned or managed commercial aircraft, 11 Airbus airplanes currently on order, employees, and other assets of Boullioun Aviation Services.
Bancorp Rhode Island, Inc. of Providence has announced that its subsidiary, Bank Rhode Island, has acquired the business of Macrolease International Corporation, a full-service, national equipment leasing company based in Plainview, NY. The business will be operated by Macrolease Corporation, a newly formed, wholly owned subsidiary of the Bank. Macrolease International was founded in 1969 by CEO Daniel W. West and provides lease financing in a variety of markets. West was named president of the new subsidiary, and his staff will remain based in Plainview.
Resource America Inc. of Philadelphia has announced that its wholly owned leasing subsidiary LEAF Financial Corporation has expanded its lease origination capability and assets under management with the business acquisition of Allco Leasing and Financial Services of Lake Oswego, OR. The acquisition includes a portfolio of leases with a value of $27 million. Following this acquisition, LEAF will manage approximately $250 million of leases for its own account, for institutions and for third-party investors. The acquisition was facilitated by the investment banking services of Diversity Capital, LLC, and bridge financing was provided by the Philadelphia office of National City Bank. Allco Leasing and Financial Services is a commercial equipment finance company established in 1977 that specializes in small- to mid-ticket equipment leasing and originates funds, services, and acquires leases primarily in the western United States.
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