First Financial Equipment Leasing (FFEL), a provider of equipment financing solutions and a member company of JA Mitsui Leasing (JAML), acquired NorFund Capital, based in Toronto. NorFund Capital is an independent leasing company specializing in capital equipment, solar and alternative energy, and vendor finance programs. The acquisition continues First Financial Equipment Leasing’s growth trajectory.
“NorFund Capital’s expertise and creativity within the Canadian market made it the ideal fit to lead our growth in new markets and industries,” Tom Slevin, co-founder and CEO of FFEL, said. “With Canada becoming a significant part of our North American platform, this acquisition provides key opportunities for us to extend our financing solutions and enhance the customer experience throughout our global client base.”
“We are excited to join First Financial Equipment Leasing and the JA Mitsui Leasing Ltd. family of companies,” Robert MacFarlane, president and founder of NorFund Capital, said. “Our organizations have a shared passion for building innovative financing solutions with a customer-focus approach. Given the complementary nature of our combined businesses, we look forward to a strengthened global platform with expanded investment opportunities.”
With his more than 30 years of experience in the leasing industry, MacFarlane has built and managed several highly successful equipment finance companies. MacFarlane will lead the newly named First Financial Canadian Leasing as senior vice president, overseeing the Canadian sales strategies and business development; focus on growing the company’s fair market value leases; and establishing First Financial Canadian Leasing as a market leader in renewable energy financing in Canada.
First Financial Equipment Leasing was represented by Cassels Brock & Blackwell LLP on the transaction.
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