Mitsubishi UFJ Lease & Finance Company Limited has agreed to acquire ENGS Commercial Finance, a commercial finance company. The sellers include Aquiline Capital Partners. No financial terms were disclosed. The deal is expected to close in the fourth quarter of 2018. J.P. Morgan Securities LLC was financial adviser to ENGS on the deal with Latham & Watkins LLP providing legal counsel.
ITASCA, Ill.–(BUSINESS WIRE)–ENGS Commercial Finance Co. (”ENGS”), an industry leading commercial finance company, is pleased to announce that its shareholders, led by Aquiline Capital Partners, a New York-based private equity firm investing in financial services, has entered into an agreement to sell all shares of ENGS to Mitsubishi UFJ Lease & Finance Company Limited (“MUL”).
MUL is a prominent global leasing company headquartered in Tokyo and its principal shareholders include Mitsubishi Corporation, a leading Japanese trading and investment company, and Mitsubishi UFJ Financial Group, Inc., one of the world’s leading financial institutions. In Japan, MUL has consistently delivered leading vendor-based financing products to customers and is a leading equipment lender. In 2015, MUL expanded its vendor financing capabilities outside of Japan by launching a dedicated business in Thailand.
Through its acquisition of ENGS, MUL is now extending its global reach of vendor finance to the United States of America (“U.S.”), the largest equipment finance market in the world. Since Aquiline became the majority investor in ENGS in February 2015, Aquiline and ENGS have worked to expand ENGS’ footprint and diversify ENGS’ offerings, expanding into the industrial, construction, factoring and insurance sectors. With this transaction, ENGS will continue to expand its existing relationships and markets with its U.S. based vendors. ENGS will also be the U.S. vendor-based platform for MUL’s international clients doing business in the U.S.
“We are extremely excited to become part of the MUL family,” commented Craig Weinewuth, President and CEO of ENGS. “The strength and power of the MUL brand worldwide is unrivaled. Becoming the U.S.-based vendor finance platform to carry out MUL’s vision will provide great benefits to our employees, vendors and customers. Together with MUL’s existing U.S. businesses, we will be able to offer our vendor and customer clients products and services that very few in the U.S. can match.” Mr. Weinewuth continued, “MUL will be a great fit for ENGS. MUL and ENGS share the same vision to become the leading commercial finance company in the U.S. We will achieve this by providing the best-in-class products and services to our vendors and customers. This will enable them to grow their businesses most efficiently.”
The transaction is subject to approval under Hart-Scott-Rodino Act and is expected to close in the fourth quarter of 2018. J.P. Morgan Securities LLC served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to ENGS.
About Mitsubishi UFJ Lease & Finance Co., Ltd. (“MUL”.)
MUL is a publicly traded company on the Tokyo Stock Exchange under 8593 and reported 2018 revenues of ¥869.9 billion. MUL was founded in 1971. The U.S. is a high priority region for MUL. MUL, through its wholly-owned subsidiary Mitsubishi UFJ Lease & Finance (U.S.A.) Inc (“MULUSA”), has supported capital investment of Japanese companies in the U.S. since 1985. In recent years, MULUSA has expanded its capital investment to U.S. based companies through its Corporate Asset Finance Division based in San Diego. It has grown its global asset business in the U.S. through its acquisitions of Jackson Square Aviation, LLC, a leading aircraft leasing company, Beacon Intermodal Leasing, LLC, a marine container leasing company and full entry into freight car leasing through an alliance with Greenbrier Leasing Company.
About ENGS Commercial Finance Co.
ENGS Commercial Finance Company (ENGS) is a U.S. based industry leading, full-service commercial finance company. ENGS specializes in Equipment Finance, Working Capital Finance, and Insurance. ENGS offers industry-specific vendor finance programs with a commitment to Service, Speed and Simplicity. Since 1952, ENGS has been consistently lending and helping our customers expand their businesses. ENGS is recognized as a leading independent finance company in the U.S. by The Monitor.
For more information about ENGS Commercial Finance Company or this Press Release, please contact us at firstname.lastname@example.org or visit our website at www.engsfinance.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline-llc.com.