Sonoma Capital secured an investment by The Megill-Stephenson Company, becoming the second largest shareholder in the business. Megill’s involvement will include the addition of key senior executive board members supporting Sonoma’s mandate of growth while accelerating immediate investments in technology, people, relationships and enhanced funding capacity.
This strategic partnership enhances the reputation of Sonoma and Geminus Acquisition & Management, parent and majority owner of Sonoma, while also facilitating Megill’s re-entry into the equipment finance market.
Brad Peacock, president and chief investment officer, and Paul Beatty, chief financial officer, both of Megill will be joining the board of directors alongside, Randy Smyth, CEO, Aaron Van Hoevelakk, chief financial officer, both of Geminus, and Michael Dubowec, president of Sonoma.
“We are excited about the opportunity to re-enter the equipment finance space through our partnership with Sonoma,” Jeoff Chipman, chairman of Megill, said. “Over the past few years, Sonoma has built an outstanding reputation for customer service, employee culture and brokerage and lending relationships. Moreover, Sonoma shares many of the same values as Megill’s other companies. We have full confidence in the senior leadership team as Sonoma embarks on its next stage of growth and we look forward to, once again, making our mark on the Canadian equipment finance scene.”
“After previously spending twenty successful years with the Chipman family in the Canadian equipment finance market, we know how exciting this partnership is moving forward to support Sonoma as a leader in our industry,” Dubowec said. “We are fortunate this partnership aligns us both financially and reputationally creating synergies between both companies and leveraging our employees to be successful. This new partnership will allow us to further attract talent, enhance operational efficiencies and further support our clients, suppliers, brokers and securitization partners, into the future.”
“I have always been impressed with the Chipman family and their long-term successful track record in the equipment finance market. They grew their enterprise in Winnipeg to become a national firm and award winning, best managed company in Canada,” Smyth said. “They always created the best culture and people, while staying true to their humble beginnings while treating their employees and clients with respect. With Sonoma’s head office in Winnipeg, MB and the deep history of the Chipman family in the equipment finance industry, it is a natural partnership we are excited to announce. I look forward to working with our new board members and entire Megill team as it feels like a homecoming for all of us.”
“It is a very rare opportunity to get back into an industry where you have had success in the past, with people you know and trust, who have a demonstrated track record of growth,” Peacock said. “The most impressive part of Sonoma is the tremendous culture they have built with their team. That was evident as we spoke with many members of their group. We are very proud to be partners with everyone at Sonoma and are looking forward to the next stage of growth for the company.”
