In a move set to shake up the equipment finance landscape, Onset Financial has acquired Channel, forming one of the largest independent players in the industry. This isn’t just a financial transaction — it’s a strategic partnership built on shared values, complementary strengths, and a mutual obsession with culture. In this exclusive Q&A with Monitor’s Publisher, Lisa Rafter, Onset CEO Justin Nielsen and Channel CEO Brad Peterson open up about how the deal came together, what it means for customers and employees, and why this new chapter is about more than growth — it’s about building something that lasts.

Q: What drove the decision for Onset Financial to acquire Channel?

Justin Nielsen: We’ve been on a growth path since founding Onset in 2008. But scaling purely through organic growth started getting harder, especially when it came to finding top talent. In early 2024, we decided to explore acquisition opportunities. That’s when John Henderson from our team reached out to Brad at Channel. What started as a growth strategy quickly turned into something bigger — It became a relationship-driven journey that led us to a company we deeply respect.

Brad Peterson: We weren’t for sale. We were having a great year. But Onset always stood out to us. Their brand, their culture — it just felt aligned. Once conversations started, we realized how much we had in common philosophically, even though our models were very different.

Q: What makes this merger unique in the equipment finance industry?

Nielsen: The fit. Think of Channel and Onset like two sides of a Lego brick — different shapes but designed to click. Onset plays in the big-ticket, mid-market space; Channel’s strength is in small-ticket and deep partner relationships. There’s zero overlap, and that makes it a clean and powerful integration.

Peterson: I couldn’t agree more. Onset isn’t just bringing capital — they’re bringing strategic thinking, innovation and respect for people. We’re already learning from how they do sales, culture and internal training. And hopefully, we’re bringing things they’ll learn from too.

Q: What can customers and partners expect over the next 6–12 months?

Nielsen: “First, do no harm.” That’s our rule. Channel will keep doing what it does best — delivering excellent service to its partners. Same with Onset. Over time, we’ll lean into our strengths and enhance the experience together. But we’re not rushing change — we’re doing it with intention.

Q: You’ve both talked a lot about culture. Why is that so central to this deal?

Peterson: Culture makes the difference. We’ve both been recognized by Inc. and local business communities as best places to work. But being in Utah this week with Onset’s team, watching their leadership up close — it’s next level. That kind of personal investment in people is rare.

Nielsen: Brad’s being modest — Channel’s culture is just as impressive. When I visited their Minnetonka office, I saw a team that genuinely cares for each other. That kind of synergy across two organizations is rare, and it’s what gives me confidence we’ll build something exceptional together.

Q: Let’s talk about the future. What’s the one thing you’re most excited about?

Nielsen: I came into this focused on business growth. But what’s impacted me most is the friendship and connection with Brad and his team. I wasn’t expecting that. We’re not just building a bigger company — we’re building a better one, together.

Peterson: Same here. The capital access and strategic support from Onset opens up new doors for Channel and our partners. We’ll still be Channel, but with more tools to help our partners grow their pie, not just grab a bigger slice. That’s exciting.

Q: Final thoughts?

Nielsen: This isn’t just an acquisition — it’s a new chapter. And we’re just getting started.

Peterson: Couldn’t have said it better. We’ve found our home in the Onset family.