Aquiline Capital Partners LLC has agreed to acquire a majority stake in in Engs Commercial Finance Co, which provides lease and loan solutions to truck, trailer and other equipment dealers. No financial terms were disclosed that is expected to close in the first quarter of this year. Bank of Montreal served as financial advisor to Aquiline while Houlihan Lokey was financial advisor to ECF
NEW YORK–(BUSINESS WIRE)–Aquiline Capital Partners LLC (“Aquiline”), a New York-based private equity firm investing in financial services, today announced that it has signed a definitive agreement to become the majority investor in Engs Commercial Finance Co. (“ECF”), a vendor-based commercial lender that provides lease and loan solutions to truck, trailer and other equipment dealers, manufacturers and operators.
“Establishing this relationship with Aquiline will position ECF to further capitalize on its strong position in the transportation space, as well as provide growth capital to strategically expand into adjacent commercial equipment finance markets,” said Craig S. Weinewuth, CEO and President of ECF. “Aquiline’s commercial finance experience makes them the ideal partner as they are aligned with our vision and will provide valuable insight as we grow our client base and product offerings throughout the U.S.”
“With the U.S. economy improving, the transportation industry is poised to meaningfully benefit from the continued GDP growth as the volume of goods shipped increases,” said Jeff Greenberg, Chief Executive of Aquiline. “With the growing demand for truck equipment financing, ECF is well positioned to continue to serve the growth in this specialized market and we look forward to working with Craig and his team.”
The transaction, the terms of which were not disclosed, is subject to customary closing conditions and is expected to close in the first quarter of 2015. Bank of Montreal acted as financial advisor and Latham & Watkins LLP as legal counsel to Aquiline, and Houlihan Lokey acted as financial advisor to ECF for this transaction.
About Engs Commercial Finance
Engs Commercial Finance is one of the oldest and most respected commercial finance companies in the U.S., having financed over $1.5 billion in equipment since 1952. Its industry-specific vendor finance programs are designed to help dealers and manufacturers sell more equipment, and promote a higher percentage of repeat customers. ECF’s people, systems, policies and procedures are designed specifically around the industries it serves, with the goal of delivering best in class products and service to customers.
ECF’s deep industry knowledge and vendor focus allows it to better understand its customers’ needs and allows ECF to partner with them to grow their business. While other lenders come and go, ECF has been here since 1952 consistently lending and helping its customers expand their businesses – through good times and bad. That commitment to the commercial finance market continues today. To learn more about ECF, please visit: www.engsfinance.com.
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology. Aquiline targets specialized businesses that have potential for improved performance and growth in conjunction with Aquiline’s equity ownership and active involvement. The Firm consists of industry experts who use their operating experience and a hands-on approach to build value in portfolio companies. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline-llc.com.