Fintech company TimePayment announced it has acquired Kingswood Leasing, Inc., a leader in providing specialized sales financing solutions for equipment sellers in the restaurant, food services, hospitality and c-store industries.
The acquisition is consistent with TimePayment’s recently announced plans to accelerate growth by building and acquiring best-in-class, industry-focused origination and delivery platforms.
TimePayment’s second acquisition of 2019 accelerates expansion in key specialty markets, the company said. TimePayment last week announced it had acquired LeaseQ Inc.
“Kingswood is an outstanding addition to the TimePayment enterprise. They have built an impressive business that is centered on fast credit approval, fast funding and ease-of-doing business; an approach that makes them a perfect fit for our operating model. They bring great people, a long list of well-established customer relationships and an outstanding track record of product and service delivery. We are thrilled to have their team as part of the TimePayment family,” said Jay Haverty, President and Chief Operating Officer of TimePayment.
Founded in 1991, Kingswood works in partnership with hundreds of equipment manufacturers and dealers to provide a suite of full-service financial products and services to help them grow. The company is known for its ability to deliver financing to customers across the credit spectrum and for a wide range of specific financing needs; from equipment replacements and add-ons to more complex build-outs and remodels. Coming off a record 2018, Kingwood is poised to achieve even higher growth with expanded capabilities under the TimePayment umbrella.
“We are extremely proud of what we have built over the past 28t years and we are now honored to join TimePayment; particularly at such an exciting time at the company. TimePayment shares our passion for customers and, with the expanded suite of products and technology capabilities that we’ll now have at our disposal, we think our best days are still ahead,” said Cliff Metcalfe Jr., Founder and President of Kingswood Leasing.
Kingswood will continue to operate out of its Dover, NH headquarters while integrating with the applicable TimePayment strategic business units and corporate support teams.
TimePayment is a Boston-based fintech company owned by affiliates of Fortress Investment Group. Fortress is owned by SoftBank Group Corp.