In a conversation with Monitor, Randy Hicks, the new president and CEO of Alliance Equipment Finance, shares insights about the company’s ambitious goals, its unique market positioning, and the power of its people. Discover how AEF plans to transform the equipment finance industry by addressing unmet needs and leveraging decades of experience.
In a rapidly evolving equipment finance industry, innovation and expertise are key to staying ahead. With the launch of Alliance Equipment Finance (AEF), a new large-ticket equipment finance platform backed by Alliance Funding Group, Randy Hicks brings decades of experience and a fresh perspective to the table. As the president and CEO, Hicks shares the vision behind AEF, its unique market positioning and how the company aims to address emerging needs in the industry. In this exclusive Q&A, Hicks discusses everything from AEF’s mission and team to his insights on industry trends and advice for aspiring entrepreneurs. Listen to the full podcast here
Rita Garwood: For those who are not already familiar with you, can you tell us about your career journey from your time at GE Capital to your current role as President and CEO of Alliance Equipment Finance?
Randy Hicks: Absolutely. My career with GE Capital started in Southern California, where I focused on targeting companies with over $500 million in annual revenue. My first big deal was a $20 million financing project for Fox Broadcasting when they won the NFL broadcast rights. From there, I moved to Chicago and eventually Norwalk with GE. In 2007, I left to co-found a cash flow finance company, but the timing coincided with the credit crunch, which presented significant challenges.
Later, I joined KPS Capital Partners, a private equity firm, before co-founding Nations Equipment Finance with former GE colleagues. That venture was extremely rewarding and culminated in a successful sale. About 18 months ago, I connected with Brij Patel — a former GE colleague — and we began discussions about a new mid- and large-ticket equipment finance platform. That brings us to today with the launch of Alliance Equipment Finance (AEF).
Garwood: Can you share more details about AEF and what’s in store for this new venture?
Hicks: Absolutely. AEF is a new large-ticket equipment finance platform, strategically aligned with and supported by Alliance Funding Group (AFG). While AEF will operate as a standalone entity, we’ll focus on direct originations across multiple industries and collateral types. Our aim is to target mid- and large-ticket equipment finance opportunities, leveraging AFG’s robust back-office operations while maintaining a fresh balance sheet and a dedicated team.
Garwood: What inspired the launch of AEF, and how does it align with AFG’s mission and values?
Hicks: The inspiration came from Brij’s entrepreneurial vision. He saw an opportunity to expand AFG’s capabilities into the large-ticket space and seed a team experienced in capital markets. AFG has a stellar 27-year history in small- and mid-ticket equipment finance, so venturing into large-ticket financing felt like a natural progression. By empowering the AEF team with significant ownership, Brij has fostered a culture of accountability and innovation.
Garwood: How will AEF differentiate itself from other equipment finance companies in the market?
Hicks: Our differentiation lies in our people and process. As I often say, people do business with people. While financing is a commodity, what truly sets us apart is our commitment to service. For us, service means consistency, timeliness and flexibility. Additionally, our founders, Andrew Carroll and Prashant Upade, bring unparalleled expertise in capital markets and asset-backed securitization. This level of in-house expertise is unique in the independent equipment finance space.
Garwood: What unmet need do you see AEF addressing in today’s market?
Hicks: While the equipment finance market is competitive, our unique ability to provide a full range of solutions — spanning small, mid and large-ticket financing — will differentiate us. Banks have been pulling back in certain areas, and independent platforms like ours are filling that void. By leveraging AFG’s infrastructure and the expertise of our team, we’ll address these gaps with a strategic, customer-centric approach.
Garwood: What trends do you see shaping the equipment finance industry, both now and in the future?
Hicks: Independent equipment finance platforms are growing faster than the industry as a whole. Credit flexibility, speed and access to cost-effective capital are key drivers of this growth, especially in the mid and large-ticket markets. Additionally, trends like increased domestic manufacturing and private equity activity are creating opportunities for capital-intensive projects. On the flip side, regulatory constraints and shifting priorities among large banks are creating room for independent players like AEF to thrive.
Garwood: Tell us more about the AEF management team and what makes them unique.
Hicks: Our team is truly exceptional. Brij, Andrew, and Prashant bring a wealth of entrepreneurial vision and financial expertise. Andrew and Prashant’s experience in investment banking and capital structuring is a game-changer, as they’ve worked closely with independent finance companies and understand how to secure cost-effective capital. Additionally, our Chief Risk Officer Todd Greenberg and Chief Originations Officer Ryan Elsa bring decades of experience and a client-first approach. It’s a powerful combination of talent and vision.
Garwood: What type of culture are you aiming to create at AEF?
Hicks: Collaboration, teamwork and a client-focused mindset will define our culture. We’re a small, ambitious team, and every member will play a critical role. We’ll value our clients and strive to make them our biggest advocates. While we aim to grow aggressively, we’ll prioritize quality over quantity and ensure that every transaction is meaningful and well-executed.
Garwood: Where do you see AEF in five years, and how will you measure success?
Hicks: In five years, I hope AEF will have built a strong, diversified portfolio and established itself as a trusted partner for clients. Success isn’t just about financial growth; it’s about delivering value to our clients and fostering long-term relationships. We’ll measure success by our ability to attract and retain clients, expand our team, and perhaps even explore new product offerings or acquisitions.
Garwood: What excites you most about leading AEF?
Hicks: I’m most excited about leading this talented team and executing on the vision of our founders. It’s incredibly rewarding to help build something from the ground up and see it succeed.
Garwood: Finally, what advice would you give to someone looking to start their own company in the equipment finance industry?
Hicks: Early in your career, seek roles that give you exposure to different functions within the industry—risk, sales, operations, finance. Learn the basics, and work for leaders who will mentor you. Broad experience and a strong foundation are invaluable when starting your own business.
Garwood: Thank you for sharing your insights, Randy. We’re excited to see what’s next for AEF!
Hicks: Thank you, Rita. I appreciate the opportunity to share our story.