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Hitachi Capital Canada Acquires CLE Canadian Leasing Enterprises

April 01, 2014, 07:05 AM
Filed Under: Mergers & Acquisitions

Hitachi Capital Canada Corp. (Hitachi) a 100% owned subsidiary of Hitachi Capital America Corp., announced that it has signed a share purchase agreement to acquire 100% of the shares of CLE Canadian Leasing Enterprise Ltd., (CLE). CLE has been a trusted business partner of Hitachi in Canada since 2012. The acquisition of CLE strengthens Hitachi’s Canadian business base while improving Hitachi’s ability to grow financing activity in Canada.

CLE will add assets of $198.4 million and annual originations of $129.6 million to Hitachi Capital Canada. “CLE is an excellent company with an extensive sales network across Canada. They have been an excellent partner for Hitachi and this acquisition provides us with the ability to further increase our service and support to our manufacturing relationships with operations in Canada,” stated Bill Besgen, President and CEO of Hitachi Capital Canada.

Luc Robitaille, CEO of CLE added, “We are very pleased to join Hitachi Capital Canada. Hitachi has a global reputation as a top competitor in the commercial equipment finance industry. We are confident that this acquisition will give CLE many new opportunities for growth and improved performance.”

The boards of both companies have approved the transaction. Completion of the acquisition is expected within the next 45 days.

CLE Canadian Leasing Enterprise Ltd. is an independent financial institution who understands the reality of the business world. Since its foundation in 1979, CLE has been supporting very small, small and medium businesses as well as the self-employed and owner operators by offering financing solutions that are tailored to their unique requirements. CLE is synonymous with simplicity, speed and efficiency. Its’ staff is both attentive and creative when it comes to finding a personalized solution and supporting brokers, vendors and clients throughout the financing acquisition process.

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