Mintaka Financial, LLC, a commercial finance company based in Washington State, has acquired Phoenix, AZ-based Summit Commercial Finance Company.
The deal comes as part of Mintaka’s strategy to form closer relationships with origination channels, to better understand customer and vendor needs.
Summit has long-standing vendor relationships, as well as direct relationships with commercial borrowers. Mintaka has historically originated all transactions through its affiliate network. With the acquisition of Summit, Mintaka will benefit from direct relationships with Summit’s vendor channel affiliates and the ability to develop more competitive products to borrowers.
Summit and Mintaka have a longstanding relationship with shared ownership. Summit President and CEO Scott Forrest is enthusiastic about the development.
“I believe the synergy of our two great teams will provide superior service for our customers and enormous opportunity for our employees and partners,” he said. “Operating under a stronger parent company provides the resources to drive market share with the flexibility to expedite funding more efficiently for our customers. The direct lending capabilities are significantly enriched meaning expanded products and better terms for the borrowers.”
Mintaka President Quentin Cote concurred. “This is the culmination of an extremely close relationship … this deal enables us to be closer to the customer and better understand the market, ultimately leading to more competitive offerings. In addition, our ability to dedicate additional sales and marketing resources towards deeper vertical market penetration means growth for our company and more value for our investors.”
Founded in 1998, Summit provides customized equipment financing and leasing options to U.S. companies across a wide range of industries including specialized focus in several select verticals including C-store, dental/medical and recycling.
Mintaka is a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a select group of small business finance companies. Mintaka has offices in Seattle, Phoenix and Boston.