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Element Financial Corp Announces Acquisition Of CoActiv Capital Partners, Inc.

Friday, 9 Nov 2012 07:55am EST 

Element Financial Corp announced that it has entered into a definitive agreement with Marubeni America Corporation and Marubeni Corporation (collectively, Marubeni) to acquire 100% of the shares of Marubeni's wholly-owned subsidiary, CoActiv Capital Partners, Inc. (CoActiv), a leading U.S. vendor finance company, with Canadian operations, based in Horsham, Pennsylvania, for total consideration of approximately $300 million including repayment of debt to Marubeni (the Transaction). Established in 2002, CoActiv has expertise in delivering manufacturer supported equipment financing programs. CoActiv originates US$220 million of finance contracts annually through more than 15 vendor finance programs with leading manufacturers and their dealer networks in the construction, industrial, office products and technology markets as well as franchise capital reset programs. Through these manufacturer and franchisor supported sales financing programs, CoActiv has established a diversified base of more than 11,000 customer accounts in the U.S. and Canada that includes a wide range of end users - from Fortune 500 companies to small and medium sized businesses to local municipalities. The Transaction will be completed by acquiring all of CoActiv's shares, and includes the purchase of CoActiv's current portfolio of US$ denominated finance assets with a net book value of approximately US$260 million and CDN$ denominated assets with a net book value of approximately CDN$50 million. 

Company Quote

-0.45 -3.39%
4:00pm EDT