First Financial acquires NorFund Capital
By Adam FreillConstruction Equipment Financing
Construction and heavy equipment financing company looks toward Canadian expansion with purchase of Toronto-based firm.
First Financial Equipment Leasing, a provider of equipment financing solutions and a member company of JA Mitsui Leasing Ltd, is targeting strategic expansion into Canada with the acquisition of NorFund Capital, a Toronto-based 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, which the company says is driven by a vision to elevate and broaden solutions offered to its global customers.
“NorFund Capital’s expertise and creativity within the Canadian market made it the ideal fit to lead our growth in new markets and industries,” said Tom Slevin, co-founder and CEO of First Financial Equipment Leasing. “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,” said Robert MacFarlane, president and founder of NorFund Capital. “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.”
MacFarlane will lead the newly named First Financial Canadian Leasing as senior vice-president, overseeing the Canadian sales strategies and business development. He will focus on growing the company’s fair market value leases and establishing First Financial Canadian Leasing’s position in renewable energy financing in Canada.