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Tokyo Century Acquires Allegiant Partners (AP Equipment Financing)

November 27, 2019, 07:30 AM
Filed Under: Mergers & Acquisitions

Tokyo Century (USA) Inc. announced it has acquired 100 percent of the capital stock of Allegiant Partners Incorporated DBA AP Equipment Financing, an independent specialty finance and leasing company based in Bend, OR.

Allegiant has a strong presence in the western U.S. with a market focus on light and medium-duty trucks, tree and arbor equipment, and other niche industries. Founded in 1998, Allegiant’s team has in-depth knowledge of the industries it serves and the special-purpose vehicles and equipment used by its customers. Combining an effective marketing platform with an extensive customer database, a digital platform and industry expertise, Allegiant provides quick-turn, high value-added financial services to its more than 3,000 customers across the United States.
Tokyo Century, based in Purchase, NY, has core strengths in small and medium-ticket lending for vocational vehicles and material handling equipment. Tokyo Century and Allegiant have been working collaboratively since 2002.

“I am very excited about our partnership with Tokyo Century. I did my first transaction with them in the early 1990s, and have always admired their culture and work ethic. Allegiant will be able to leverage the resources of a much larger company, and Tokyo Century will gain a high-technology, small-ticket platform in the United States that complements its businesses,” stated Chris Enbom, founder and CEO of Allegiant.  “Allegiant will continue to operate independently as a separate subsidiary of Tokyo Century, keeping the same high level of service to its customers.”

One of the many opportunities foreseen by management of the combined companies is “last-mile” package delivery in the U.S., a sector whose growth is expected to continue in line with the expanding e-commerce market. The formalized alliance will drive expansion of these companies in this and other segments, the companies said. Tokyo Century’s relationships with Japanese manufacturers will seed growth of vendor-finance opportunities across the expanded organization, and Allegiant’s expertise in the area of service standards and marketing/sales capabilities will be key to enabling and enhancing growth.

Together, Tokyo Century/Allegiant will focus on continued enhancement of U.S. operations, doing so with a focus on growing their unique market presences by leveraging the respective strengths and business know-how of each organization.

Tiger Ogawa, President of Tokyo Century, expressed delight with the combination.

“Both culturally and synergistically, this combination is a home run. Chris Enbom and I have done business together for many years. We know the passion that his team brings to the office day in and day out,” Ogawa said. “I could not be more pleased with this acquisition and the prospect of working together with the Allegiant team on a daily basis. Our headquarters in Tokyo is equally pleased with this development, and we look forward to making the most of this fantastic growth opportunity.”

Hovde Group, LLC served as exclusive financial advisor and Karnopp Peterson LLP and Holland & Knight LLP served as legal counsel to Allegiant. Cosgrave Vergeer Kester LLP served as legal counsel to Tokyo Century.

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