NEW YORK, MAY 14, 2015--Macquarie Group Limited (ASX: MQG; ADR: MQBKY) today announced that it has entered into an agreement to acquire Advantage Funding Management Co., Inc (Advantage Funding) from Marubeni America Corporation. Under the agreement, Advantage Funding will become a fully owned subsidiary of Macquarie’s Corporate and Asset Finance group (CAF).
Advantage Funding is a leading provider of transportation financing and leasing solutions servicing commercial and vehicle operators, dealers and manufacturers. Their solutions allow for the acquisition of tow trucks, ambulances, para-transit vehicles, coaches, limousines and vocational trucks across municipal and industrial operations.
CAF Group Head Garry Farrell said: “This transaction complements our existing leasing portfolio with a commercial vehicle finance platform in the US. Advantage Funding has a demonstrated track record of client satisfaction and strong operational performance. The acquisition builds on the strong growth of CAF’s global leasing business.”
Advantage Funding’s Chief Executive Officer, Al Damiani, said: “We look forward to working with Macquarie to provide our customers with a broader range of transportation financing solutions and product capacity. Macquarie’s complementary leasing and financing expertise will help us expand our service in US markets and position us to further support our clients’ continued growth.”
The transaction is expected to close in mid 2015, subject to customary closing conditions.
About Macquarie
Macquarie Group Limited (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 28 countries and employs more than 14,000 people. Assets under management total approximately $A486.3 billion as of March 31, 2015.
Corporate and Asset Finance (CAF) Group engages Macquarie Bank Limited's balance sheet to provide tailored finance and asset management solutions. As of March 31, 2015 CAF had $A28.7 billion globally in loans and leases under management across a range of sectors including motor vehicles, commercial aircraft, mining equipment, technology equipment and corporate and real estate lending.
About Advantage Funding
Advantage Funding, based in Lake Success, New York, founded in 1997, is dedicated to providing equipment financing and leasing solutions for ground transportation to support vehicle dealers, distributors, manufacturers, and end users nationwide. The funder also provides debt financing for established Buy Here Pay Here/Lease Here Pay Here dealers.