Element Financial, a Canadian equipment finance company, said it entered into a definitive agreement to acquire Alter Moneta, a Montreal-based equipment leasing company. Details of the transaction were not disclosed.

Alter Moneta’s lease assets are located primarily in Quebec and Ontario. Element Financial and Alter Moneta have a comparable service offering and a complementary geographic coverage.

“This transaction further solidifies Element Financial’s market leadership in equipment financing in Canada and fuels its growth by allowing the company to offer coast-to-coast coverage to equipment manufacturers, distributors and their clients,” said Element’s chief executive officer Steven Hudson. “The acquisition also provides Element Financial with a scalable and proven lease management and financial reporting system capable of servicing a multi-billion-dollar portfolio. Alter Moneta’s system capabilities will allow us to focus on expanding and diversifying our business in the North American market,” added Hudson.

“We are thrilled by the growth opportunities created by Element Financial’s strategic acquisition of Alter Moneta,” said Pierre Lortie, newly appointed director of Element Financial. “And we look forward to working with Alter Moneta’s team, leveraging their experience and system capabilities in order to support Element Financial’s North American lease and asset-based loan management activities from Montreal.”

To read a related story that appeared on the Montreal Gazette website: click here.