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Element Financial Corp to Acquire Bush Truck Leasing Inc


Tuesday, 25 Jun 2013 10:46am EDT 

Element Financial Corp announced that it has entered into a definitive agreement to acquire the business of Cincinnati-based Bush Truck Leasing, Inc. (BTL) from its founder, Michael Bush. BTL`s current portfolio of finance receivables with a book value of approximately USD55 million. As part of the transaction, Element also acquired the business of Bush Specialty Vehicles, Inc., (BSV) which provides vehicle up-fitting and maintenance services to BTL and for other third-party customers. The transaction will be funded from Element`s existing capital resources and is expected to be accretive to Element shareholders commencing in 2014. 

Company Quote

13.86
-0.19 -1.35%
1:54pm EDT