Union Equity said it has sold its wholly owned subsidiary, Union Equipment Leasing and Union Equipment Leasing’s class 8 semi truck inventory to Izzy Group, a North Carolina company, in exchange for a $750,000 promissory note to be paid on a weekly or monthly basis over a course of three years with an annual interest rate of 3%.

Union Equity will use the funds to increase Easy Semi Truck Leasing America’s inventory with newer trucks that have fewer miles. These newer trucks will be leased to independent owner operators, which will help Easy Semi Truck Leasing America increase its lease revenues and revenues from non-refundable deposits.

“With our unique business model and aggressive growth strategy we know we will continue to have success within the truck transportation industry,” stated Charles Lance, CEO of Union Equity. “We are able to offer a wide range of vehicles with our in house leasing system and are able to protect our trucks with our non refundable deposits. We have a large competitive advantage and are excited to expand our fleet to offer even more drivers vehicles. We look forward to increasing our revenues as well as increasing our asset base with acquisitions this year.”

Union Equity is a holding company that is comprised of three subsidiaries (Easy Semi Truck Leasing America, Natural Product Laboratories and Union Equity Investments). Easy Semi Truck Leasing America is a commercial truck leasing business engaged in leasing class 8 commercial trucks to owner operators located around the contiguous 48 states.