Colford Capital announced that it has acquired substantially all the assets of Equilease Financial Services. Based in Norwalk, CT, Equilease originates equipment leases and loans, as well as purchases and services equipment lease and loan portfolios from banks and other specialty finance companies.

Colford has created a new subsidiary, North Mill Equipment Finance, expressly for the purpose of acquiring Equilease, and has made a substantial equity investment into North Mill EF, which it will use to originate new small-ticket leases through vendors, dealers and brokers and to purchase additional lease portfolios under the new North Mill EF brand name.

Gary Silverhardt, president, CEO and owner of Equilease, will become president and CEO of North Mill EF and also a minority shareholder. Importantly, the Equilease team will join North Mill EF and continue, at its current location, to provide its customers and stakeholders with the superior service for which Equilease has become known during its 55 year operating history.

Silverhardt stated, “We are enthusiastic about the Colford investment, which enables us to expand our equipment leasing origination activities and to continue acquiring equipment lease portfolios in the secondary market, leveraging our industry leading servicing and collection operating platform. We’re looking forward to becoming an integral piece of a growth-oriented organization with a strategic commitment to the specialty finance industry.”

“The acquisition of Equilease supports Colford’s strategy to build a leading, diversified specialty finance and asset management business. We are excited to inject growth capital into North Mill EF to enhance and leverage the strong origination and servicing platform Gary and his team have built,” added David C. Lee, president and CEO of Colford.