Equipment Leasing Services has completed a partnership with Utah investment company Red Bridge Capital to syndicate new leases ranging from $50,000 to $1 million. According to Alexander Powell, vice president of sales at ELS, the partnership will nearly double the annual capacity of the company to self-fund transactions in the Southwest.

RBC first reached out to ELS, an independent leasing company located in Arizona, about establishing a lease portfolio in late February and the deal was closed in May. It was a partnership ELS was quick to get behind.

“ELS became convinced that RBC not only had sufficient availability of capital to make a meaningful impact on our funding capabilities but also had enough knowledge of the leasing industry to make pursuing a partnership worthwhile,” Powell said. “The more ELS and RBC learned about each other, the more evident it became that the two companies were a good fit for each other and that a partnership together would be mutually beneficial to both parties.”

Powell also noted that the alliance will do a great deal towards continuing the growth of ELS and their customer base.

“The goal of the RBC partnership is not only to put RBC’s capital resources to work, but also to build a long-term portfolio of leases and financing contracts,” Powell said. “In this relationship, everybody will benefit. ELS has a new source of capital to write and hold transactions, RBC puts it capital to work, our partner banks continue to provide a valuable service to its customer and the customer has a way to acquire equipment essential to its continued growth.”