Element Financial to acquire Alter Moneta
By Canadian PressNews
August 3, 2011 - Equipment financing company Element Financial said Wednesday that it plans to acquire substantially all the assets of Alter Moneta, a Montreal-based equipment leasing organization. Financial details of the agreement were not disclosed.
Alter Moneta's lease assets are located primarily in Quebec and Ontario and Element Financial said in a release that the companies have a comparable service offering and a complementary geographic
"This transaction further solidifies Element Financial's market leadership in equipment financing in Canada and fuels its growth by allowing the company to offer coast-to-coast coverage to equipment manufacturers, distributors and their clients,'' said CEO Steven Hudson.
"The acquisition also provides Element Financial with a scalable and proven lease management and financial reporting system capable of servicing a multibillion-dollar portfolio.''
Toronto-based Element Financial provides equipment financing to clients across Canada in the transportation, construction, manufacturing, commercial, health-care and golf course industries.
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