Element Financial said it has closed its acquisition of a select portfolio of existing finance assets and origination platforms of Cincinnati-based Bush Truck Leasing.

Originally founded in the 1970s by Michael Bush, Bush Truck Leasing specializes in providing vehicle financing solutions and related services to national and regional enterprise clients involved in local pick-up, delivery and transportation services. This includes providing lease financing for the acquisition of the required vehicles, principally new and used light duty trucks, vans and specialized vehicles. Element expects annual origination volumes in the range of US$90 to $100 million from this business commencing in the fourth quarter of this year.

“We are acquiring a very strong origination team that, with Mike’s continued leadership under the Element banner, will now have access to the added funding capacity required to expand the business’s client base and increase transaction volumes,” said Bradley Nullmeyer, Element’s president. “In addition to this incremental origination volume, this transaction also provides Element with an established base on which to begin building a growing presence in the US transportation equipment market,” added Nullmeyer.