Hitachi Capital Canada acquires lease financing provider CLE

Hitachi Capital Canada Corp, a subsidiary of Hitachi Capital America Corp, has completed its share purchase agreement to acquire 100% of the shares of CLE Canadian Leasing Enterprise Ltd. Based in Trois-Rivières, Québec, CLE provides lease financing and customized services to small businesses. Hitachi Capital Canada said the deal will add assets of $198.4 million and annual originations of $129.6 million to its business. Global subsidiaries of Hitachi Capital Corp provide financing to customers of Hitachi Ltd and Hitachi’s group of companies.

PRESS RELEASE

Hitachi Capital Canada Corp Completes Acquisition of CLE Canadian Leasing Enterprises Ltd

Hitachi Capital Canada Corp. announces the closing of the previously announced share purchase agreement to acquire 100% of the shares of CLE Canadian Leasing Enterprise Ltd.

Hitachi Capital Canada Corp. (Hitachi) a 100% owned subsidiary of Hitachi Capital America Corp., announced today that it has closed its previously announced share purchase agreement to acquire 100% of the shares of CLE Canadian Leasing Enterprise Ltd., (CLE). CLE has been a trusted business partner of Hitachi in Canada since 2012. The acquisition of CLE strengthens Hitachi’s Canadian business base while improving Hitachi’s ability to grow financing activity in Canada.

CLE will add assets of $198.4 million and annual originations of $129.6 million to Hitachi Capital Canada.

“We are pleased to have completed the transaction as planned. The acquisition of CLE expands our footprint in Canada, which we view as an attractive operating environment and we have the utmost confidence in our new partners’ ability to expand Hitachi’s commercial financing capabilities in Canada” stated Bill Besgen, President and CEO of Hitachi Capital Canada.

Luc Robitaille, CEO of CLE added, “We are excited to have joined the Hitachi family of companies, a relationship which will enhance our growth opportunities and capabilities with our customers and vendors.

About Hitachi Capital America

Hitachi Capital America Corp. was incorporated in October 1989 and commenced business operations in April 1990. Headquartered in Norwalk, CT and is wholly owned by Hitachi Capital Corporation, Tokyo, Japan. The parent company was founded in 1957 as a subsidiary of Hitachi Ltd., and has become one of the leading financial institutions in Japan. Through their sister companies located in the United Kingdom, Singapore, Hong Kong, Thailand, Malaysia, Indonesia and China, Hitachi Capital has established a presence in the global market place to better serve Hitachi customers and Hitachi group of companies worldwide.

About CLE Leasing

CLE Canadian Leasing Enterprise Ltd. is an independent financial institution who understands the reality of the business world. Since its foundation in 1979, CLE has been supporting very small, small and medium businesses as well as self-employed and owner operators by offering financing solutions that are tailored to their unique requirements. CLE is synonymous with simplicity, speed and efficiency. Its’ staff is both attentive and creative when it comes to finding a personalized solution and supporting brokers, vendors and
clients throughout the financing acquisition process.

Advisors

Cassels Brock served as legal counsel to Hitachi. The Alta Group Canada served as the lead financial advisor to Hitachi and Three Keys Capital Advisors LLC served as financial advisor to Hitachi Capital America Corp. Fasken Martineau served as legal counsel and National Bank Financial served as lead financial advisor to CLE.

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