New York, NY, Chicago, IL, Montreal, QC, and Norwalk, CT – Mitsubishi HC Capital America – and its subsidiary, Mitsubishi HC Capital Canada – along with Mitsubishi HC Capital (U.S.A.) and ENGS Commercial Finance merged to create the largest non-bank, non-captive finance provider throughout North America with more than $7.5 billion in owned and managed assets on April 1.
Craig Weinewuth, former ENGS Commercial Finance President and CEO, will be the President and CEO of the combined company. “The expanded scope and size of this integrated business positions us to deliver even more to our customers and financing partners,” said Weinewuth. “Our growth potential throughout North America and the service level enhancements were the main drivers of this merger. Joining forces benefits the market in numerous ways; from our advanced digital capabilities, an enhanced and larger team of finance professionals, and the ability to create one platform that delivers the most comprehensive products and services to the entire North American market. We truly are better together.”
Although the company has been combined into one platform, the integrated company will go to market in the United States as Mitsubishi HC Capital America and in Canada as Mitsubishi HC Capital Canada. Mitsubishi HC Capital America will have two primary operating businesses: 1) a $3.9 billion Vendor Solutions business which will be led by Jim Freund, formerly from ENGS, who will be its new President and 2) a $1.6 billion Commercial Finance business which will be led by Brian Rosa, formerly from Mitsubishi HC Capital (U.S.A.), who will be its new President. Mitsubishi HC Capital Canada’s $2 billion business will continue to be led by its current President François Nantel.
The Vendor Solutions team, through its new integrated offerings, will provide an even more robust suite of solutions for the commercial equipment industry. This includes, but is not limited to, financing class 1-8 trucks and trailers, industrial, construction, healthcare, franchise, fitness, and IT equipment. The business also has a Sustainable Development Group, whose main objective is to partner with businesses to deliver customized solutions to support the global environment.
“A fundamental aspect of our mission as we work with existing customers and build relationships with new ones is not only to better their business, but to better our communities and wider society,” said Weinewuth. “Our company is hyper-focused on engaging in activities that seek to resolve environmental, social and economic issues through the projects we finance. To this end, we have committed a team of employees to focus on displacing our carbon footprint and prioritizing renewable energy and energy efficiency.”
Freund stated, “The Vendor Solutions business will bring a cohesive and targeted approach in bringing new products to market and a seamless experience for customers, vendors, and partners. Through these capabilities, the Vendor Solutions business will provide complete financial servicing for companies looking to grow their business and will enhance these offerings with complementary products such as competitive floorplan financing, solutions to acquire and update equipment, proprietary technologies to streamline and automate processes, and many more capabilities.”
Mitsubishi HC Capital America has also created a dynamic suite of commercial finance solutions. In his new role as President of the Commercial Finance business, Rosa’s team will bring greater lending capacity to growing businesses across the United States with an emphasis on working capital, asset-based loans, trade finance and structured finance leases and loans. “Clients can now enjoy access to a full suite of services designed to provide solutions across the whole value chain. Our team is comprised of experienced and respected finance veterans across the United States and Canada who are skilled in constructing customized solutions to meet specific customer needs,” added Rosa.
With the merger now complete, the company will also get the benefit of Mitsubishi HC Capital Canada’s expertise and strong track record in equipment and commercial financing solutions throughout Canada and utilize its cross-border capabilities to deliver North American solutions to vendors, customers and partners. “We will be able to leverage the best practices and products including our North American digital tools, allowing customers to experience maximum flexibility, speed and access to the company’s greater lending capacity as the largest non-bank/non-captive finance company across North America,” said Nantel.
Other changes to the company include the retirement of Ryan Collison, former President and CEO of Mitsubishi HC Capital America. Ryan joined Mitsubishi HC Capital America in 2005, and since that time has held positions as Senior Vice President – Operations, Chief Credit Officer and Chief Information Officer.
Other leaders named to new positions within the newly integrated company include:
- Mark Duncan, Executive Vice President and COO
- John Vande Moore, Executive Vice President & Chief Financial Officer
- Takahiro Sohma, Head of Japan Desk
- Dan Canine, Executive Vice President, General Counsel
- Christopher Johanneson, Executive Vice President & Chief Digital Officer
- John Carroll, Executive Vice President & Chief Credit Planning Officer
- Sue Santos, Executive Vice President & Chief Credit Officer
- Rob Carron, Executive Vice President & Chief Information Officer
- Kirk Mann, Executive Vice President & Head of Transportation, Vendor Solutions
- Doug Hirai, Executive Vice President, Chief Governance and Compliance Officer
- Terry Hatfield, Executive Vice President & Chief Operational Excellence Officer
- Joni Kovac, Executive Vice President & Chief Human Resources Officer
About Mitsubishi HC Capital America
Mitsubishi HC Capital America is a specialty finance company that has extensive capabilities throughout North America, and with its affiliate, Mitsubishi HC Capital Canada, offers a consultative approach and expansive digital platform to help organizations of all sizes accelerate growth. With $7.5 billion in assets and more than 800 employees, the company is the largest non-captive, non-bank commercial finance company in the United States. Mitsubishi HC Capital America partners with equipment manufacturers, dealers and distributors, as well as end-customers directly, in providing customized financial solutions, including transportation and commercial finance. Dedicated to improving the communities where it operates, the company is committed to the United Nations Sustainable Development Goals. Visit https://www.mhccna.com/en-us
Media contact: Katie Mullin, Vice President of North American Communications, at [email protected] or (248) 658-3206.
The post Mitsubishi HC Capital America Merges As $7.5B Firm appeared first on Industry Today.