BlueMountain Capital Management has acquired a majority stake in Navitas Lease Corp. Financial terms weren’t announced. Jacksonville, Fla.-based Navitas is an equipment leasing company.
BlueMountain Capital Management (BlueMountain), a private investment firm specializing in the global credit markets with $7 billion in assets under management, announced today that it has purchased a majority equity stake in Navitas Lease Corporation (Navitas). This investment was made with funds managed by BlueMountain and will provide Navitas with additional capital to support its multi-year growth plan.
Based in Jacksonville, Fla., Navitas is an independent equipment leasing company that serves small and medium sized businesses throughout the country. The company assists customers in a variety of sectors through a vast network of equipment vendors and independent lease brokers.
“Navitas possesses the talent and resources to become a dominant competitor in the equipment finance industry,” said Brad Schwartz, BlueMountain’s lead portfolio manager for asset-backed strategies. “Taking into account that this is a highly underserved market, Navitas has tremendous opportunities to serve the small business community’s equipment leasing needs.”
“The company has worked hard in the last two years to take advantage of market conditions and reach its growth objectives,” said Gary Shivers, Navitas’ president and CEO. “We look forward to this relationship with BlueMountain, as the firm has substantial resources to support our growth, as well as expertise in financial services.”
Mr. Shivers has more than 24 years experience in the leasing industry. Prior to Navitas, he was the cofounder and president of Marlin Business Services, a financial services company that offers small and medium-sized businesses flexible equipment financing options.