Press release from CNW Group
Element Financial and GE Capital Close Canadian Fleet Asset Purchase Transaction and Launch Cross-Border Fleet Management Strategic Alliance
Friday, June 28, 2013
Element Financial and GE Capital Close Canadian Fleet Asset Purchase Transaction and Launch Cross-Border Fleet Management Strategic Alliance13:34 EDT Friday, June 28, 2013
TORONTO, ON, & NORWALK, CT, June 28, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" ) and GE Capital ("GE Capital") closed the previously announced asset purchase transaction today through which Element has acquired GE Capital's Canadian fleet portfolio and the two companies have formed a strategic alliance to deliver comprehensive vehicle fleet financing and management services to cross-border customers in Canada and the United States.
The acquired GE Capital Canadian fleet operations will be combined with TLS Fleet Management, Element's existing fleet management business, to serve the domestic Canadian fleet industry under the Element Fleet Management brand.
About Element Financial Corporation
With total assets of approximately C$2.4 billion, Element Financial Corporation is one of North America's leading independent equipment finance companies. Element operates across North America in three verticals of the equipment finance market - 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.
About GE Capital Fleet Services
GE Capital Fleet Services, based in Eden Prairie, Minn., is a global fleet leasing and management company with strong capital resources, unmatched data and analytics and deep strategic consulting capabilities to help organizations find new ways to optimize their investments throughout the fleet lifecycle. Visit our web site at www.gefleet.com or follow the company's eco news and updates via Twitter (@GEFleetSvcs).
About GE Capital
In Canada, GE Capital has provided commercial leasing and lending solutions to mid-market companies for nearly 30 years. GE Capital is one of the world's largest providers of credit and expertise, serving more than one million businesses and nearly 80 million consumers. GE Capital is an extension of GE's rich heritage of building and supporting growth, providing customers with insight, knowledge and expertise in addition to financing.
Forward Looking Statements
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Element Financial Corporation
For further information:
For Element Financial Corporation
Senior Vice President
Corporate Affairs & Investor Relations
(416) 386-1067 ext. 2313
For GE Capital
Director of Media Relations