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In the Marketplace
The Alta Group has announced that it will expand its merger and acquisition activities with the addition of Kropschot Financial Services, a noted merger and acquisition advisory firm based in Vero Beach, FL. Pursuant to this affiliation, Bruce Kropschot, who founded his firm in 1986, becomes a principal of The Alta Group, and will serve as managing principal of the firm's expanded Merger and Acquisition Advisory Division. In addition to providing M&A advisory services to buyers and sellers of equipment leasing and financing businesses, Kropschot will help arrange debt and equity for clients and perform leasing company valuations.
Also joining The Alta Group are Kropschot Financial Services executive vice president James R. Billings, and vice president Hugh Swandel, who is based in Winnipeg, Manitoba, and serves the Canadian M&A market. Both Alta and Kropschot anticipate significant demand for a variety of M&A services for buyers and sellers of leasing companies or portfolios.
Western Alliance Bancorporation announces that Michael Brown has been named president and CEO of the company's affiliate, Western Alliance Leasing. For the past three years, Brown was executive vice president/group head of CIT Group, Equipment Finance. Prior to that, he spent 13 years at Wells Fargo, where he managed regional leasing and equipment financing over a 12-state territory.
Chrysler Financial has announced that as of the end of July, it has stopped offering vehicle leases. The company explained that “industry-wide economic conditions that made leasing popular in the past have changed, and the pendulum is swinging back in favor of purchasing and financing.” The company noted that because credit is tight and expensive, and residuals are unpredictable this caused leasing to become more expensive to the point of not being in customers' best interest. Chrysler's dealers, however, are still able to pursue lease financing arrangements through other institutions. Chrysler's decision follows a similar move by General Motors, which discontinued leasing in Canada on Aug. 1.
Royal Bank of Canada has announced that it has entered into a definitive agreement to purchase the Canadian commercial leasing division of ABN AMRO. The details of the transaction were not disclosed. RBC Leasing is the largest bank-owned commercial leasing business in Canada. Subject to regulatory approvals, the transaction is expected to close this fall.
CIT Group Inc. of New York has named Sanjay Kumar Managing Director and head of Capital Markets for CIT Vendor Finance. He will be responsible for all capital market activities including syndications, oversight of transaction execution and negotiation of major transactions. Kumar joined CIT in 1998 in the Corporate Development Group, and most recently served as Senior Vice President in Global Vendor Finance's Global Major Relationship Group.
Ryder System, Inc. of Miami has announced that it has reached an agreement to acquire substantially all the assets of Gordon Truck Leasing, a full-service truck leasing, rental, and fleet services company headquartered in Philadelphia. Under the agreement, Ryder will acquire Gordon's fleet of approximately 430 full-service lease units, 45 rental units, and 35 held-for-sale units and approximately 130 contract customers.
The Alta Group has announced that it will expand its merger and acquisition activities with the addition of Kropschot Financial Services, a noted merger and acquisition advisory firm based in Vero Beach, FL. Pursuant to this affiliation, Bruce Kropschot, who founded his firm in 1986, becomes a principal of The Alta Group, and will serve as managing principal of the firm's expanded Merger and Acquisition Advisory Division. In addition to providing M&A advisory services to buyers and sellers of equipment leasing and financing businesses, Kropschot will help arrange debt and equity for clients and perform leasing company valuations.
Also joining The Alta Group are Kropschot Financial Services executive vice president James R. Billings, and vice president Hugh Swandel, who is based in Winnipeg, Manitoba, and serves the Canadian M&A market. Both Alta and Kropschot anticipate significant demand for a variety of M&A services for buyers and sellers of leasing companies or portfolios.
Western Alliance Bancorporation announces that Michael Brown has been named president and CEO of the company's affiliate, Western Alliance Leasing. For the past three years, Brown was executive vice president/group head of CIT Group, Equipment Finance. Prior to that, he spent 13 years at
Chrysler Financial has announced that as of the end of July, it has stopped offering vehicle leases. The company explained that “industry-wide economic conditions that made leasing popular in the past have changed, and the pendulum is swinging back in favor of purchasing and financing.” The company noted that because credit is tight and expensive, and residuals are unpredictable this caused leasing to become more expensive to the point of not being in customers' best interest. Chrysler's dealers, however, are still able to pursue lease financing arrangements through other institutions. Chrysler's decision follows a similar move by
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