Hitachi Capital Enhances its North American Vendor Finance Business Through the Acquisition of Creekridge Capital
Norwalk, Connecticut and Edina, Minnesota: May 12, 2016 – Hitachi Capital America Corp. (HCA) signed a definitive agreement to purchase Creekridge Capital, a healthcare and IT-focused vendor finance company based in Edina, Minnesota. Creekridge has been a trusted business partner of HCA since 2009. The transaction, which is expected to close in June, will add assets of over $300 million and will expand HCA’s vendor finance capabilities for its business partners, including the Hitachi group companies.
HCA’s decision to acquire Creekridge Capital’s business platform is supported by the firm’s strong expertise in financing healthcare, IT, and other products in the vendor finance space. “We are thrilled at the prospect of bringing the highly experienced Creekridge team under the Hitachi umbrella,” said Mark Duncan, Senior Vice President and General Manager, HCA-Commercial Finance. “We expect the Creekridge platform to play an integral role in our strategy to deliver national best-in-class vendor finance solutions in North America.”
This acquisition allows HCA to continue to grow its Commercial Finance product offerings, which include trade finance, factoring, asset based lending, and equipment finance with specializations in IT, clean technology, and healthcare. HCA has been expanding its business lines in North America through both organic growth and acquisitions which include the 2012 acquisition of Hennessy Business Finance and 2014 purchase of CLE, a Canadian equipment financing company.
Gregory Larson, Creekridge Capital Co-CEO, stated "Joining the Hitachi family of companies represents a significant opportunity for Creekridge Capital, our vendors, and our employees." Jeff Cowan, Creekridge Capital Co-CEO, will continue in the leadership role as President of HCA’s vendor finance business added "This transaction acknowledges the premium platform we have built here at Creekridge. Adding the Hitachi brand and deep resources to our already dynamic and compelling vendor services platform has created a very disruptive financial solutions provider in the market." Jeff Cowan will be responsible for leading HCA's vendor business, reporting to Mark Duncan. Jeff will be supported by Jim Teal, who will continue in his role as COO and veteran of Creekridge Capital. Greg Larson will work with HCA to focus on further enhancing its vendor business strategy.
About Creekridge Capital Creekridge Capital is a national commercial finance company specializing in custom vendor programs and lease lines-of-credit for companies across the United States focused on healthcare and technology. The company was established in 1999 and is headquartered near Minneapolis, Minnesota. The management team boasts over 130 years of vendor leasing experience with some of the more prominent firms in the industry. The Company helps vendors develop, implement, and support a recurring revenue model for the purpose of gaining more account control and ultimately growing their top-line. Creekridge adds value to our partner’s sales process by listening to their specific needs and structuring programs and products that facilitate those needs. Our service offering provides our vendor partners with outstanding service, quick turnaround times, and a comprehensive suite of tools required for a successful financing program.
For information about partnering on a vendor financing program please contact: Jeff Cowan, President – 952-826-7868 Jim Teal, COO – 952-826-7878 About Hitachi Capital America Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to commercial businesses and other Hitachi companies in the United States. We offer a variety of asset-based financing solutions with a focus on truck, trailer, and floorplan financing; trade financing; medium/small ticket financing; structured financing; and asset-based lending. Hitachi Capital America Corp. was incorporated in October 1989 and commenced business operations in April 1990. We are headquartered in Norwalk, CT and are wholly-owned by Hitachi Capital Corporation. Our parent was founded in 1957 as a subsidiary of Hitachi Ltd., and has become one of the leading financial institutions in Japan. Through our sister companies located in the United Kingdom, Singapore, and Hong Kong, Hitachi Capital has established a presence in the global market place to better serve our customers and other Hitachi group companies worldwide.
About Hitachi, Ltd. Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society’s challenges with our talented team and proven experience in global markets. The company’s consolidated revenues for fiscal 2014 (ended March 31, 2015) totaled 9,761 billion yen ($81.3 billion). Hitachi is focusing more than ever on the Social Innovation Business which includes power & infrastructure systems; information & telecommunication systems; construction machinery; high functional materials & components; automotive systems; healthcare; and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Advisors Weil, Gotshal & Manges LLP served as legal counsel and Three Keys Capital Advisors LLC served as financial advisor to HCA. Faegre Baker Daniels LLP served as legal counsel and Houlihan Lokey, Inc served as financial advisor to Creekridge.
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