Rosenthal & Rosenthal completed a deal to acquire the assets of Accord Equipment Finance, the equipment leasing division of Accord Financial Corp., the Toronto-based commercial finance company.
As part of the deal, Rosenthal will acquire Accord’s U.S. equipment leasing division which currently serves a wide range of industries, including manufacturing, distribution & logistics, mining & forestry, food & beverage, pharmaceutical/medical/healthcare, technology and telecommunications. Along with acquiring the existing leases, Rosenthal will expand its existing Midwest presence with a new office location in Chicago and welcome business development, underwriting and operations staff from Accord Equipment Finance. Key staff joining Rosenthal from Accord include:
- Bridget Johnson, SVP Portfolio & Underwriting
- Michael Wells, SVP Capital Markets Business Development
- Ivette Morel, Documentation & Funding Manager
- Sahil Sharma, VP & Business Development Officer
- Anish Patel, Associate Underwriter
- Courtney Coleman, Analyst
The acquisition enhances Rosenthal’s existing and prospective ABL business by merging the firm’s short-term working capital solutions with term debt in the form of equipment leasing to offer growing businesses more comprehensive, non-dilutive financing options. Adding equipment financing to Rosenthal’s already robust arsenal of financing products and services will allow the firm to pursue collaborative opportunities with its asset-based lending division.
Recognizing the many growth opportunities in the Midwest region, Rosenthal hired Vice President of Business Development Andrew O’Day last year, based in Chicago. Following on this momentum, the addition of this new Chicago office and staff will further solidify Rosenthal’s footprint nationwide and allow the firm to better serve its growing Midwest client portfolio.
Peter Rosenthal, Co-President of Rosenthal & Rosenthal said: “With the addition of equipment leasing to our growing suite of products and by welcoming so many talented new professionals from Accord, we are well positioned and have a substantial opportunity to continue expanding the breadth of our financing products to best serve our diverse client base. As we find new ways to grow Rosenthal’s presence geographically and enhance our capabilities, we knew we wanted to find an equipment finance partner with a stellar reputation, a commitment to their clients and a ‘credit first’ approach in both the management team philosophy and via its existing portfolio. We are thrilled that Accord checked all the boxes and we look forward to welcoming their team into the Rosenthal family.”
Simon Hitzig, President & CEO of Accord Financial Corp added: “With this transaction, Rosenthal is adding a fully staffed, full-service equipment finance platform in the US, augmenting its leading position in commercial finance. Merging resources and the Accord team with the Rosenthal family will allow clients to benefit from the expertise, responsiveness and partnership of a third-generation, family run financial services firm with an excellent reputation and shared core values.”