Verdant Commercial Capital announced the retirement of Jeff Glikman, founder and president of Intech Funding Corporation, effective June 30. Intech, a finance company focused on the machine tool industry, was started by Glikman and Ric Rivett in 1995. Intech is located in Monrovia, CA.
“I worked my way through college for a used machinery dealer that had a full rebuilding facility. That was over 40 years ago, and at the time I had no idea how valuable that shop experience would be for my future career,” Glikman recalled. “Before starting Intech, I had the good fortune of working for 20 years for Machinery Sales Company, a large machine tool distributor based on the West Coast. Working on the shop floor in the machine tool business gave me perspective in how to best serve customers in need of equipment financing.”
In 2018, Intech was purchased by Verdant Commercial Capital; Glikman stayed on as Intech’s president.
“In an earlier part of my career, I had the very good fortune to work with Jeff and his team at Intech as one of its bank funders. In the machine tool space, there really isn’t anyone with a better reputation and commitment to customer service than Jeff,” said Mike Rooney, CEO of Verdant Commercial Capital. “When the opportunity came to add Intech to the Verdant team, we jumped at the chance. Working hand in hand with Jeff these past three years was truly a pleasure. We wish him much success with his new passion…grandkids!”
Glikman looks forward to the future of the equipment finance industry: “The industry is going through some transformative changes and Verdant Commercial Capital is on the leading edge of these changes. I'm going to miss the excitement of upcoming changes, but most of all I am going to miss the people.”
Rivett, co-founder and Senior Vice President, will be taking on full responsibility for Intech. Rivett holds a BS in Economics from University of California, Irvine, has a background in the machine tool industry and 10 years of experience in financial services.
“As we were founding Intech, Jeff Glikman laid out the structure of the company and needed someone to build it with him. I grew up around the machine tool industry and had experience in the mortgage industry. This was the basis for a perfect partnership,” said Rivett. “Over the years, we grew the company into a leader in the machine tool finance industry, and built a loyal base of equipment dealers, vendors, and customers who grew along with us. None of this would have been possible without the people at Intech - a strong team of industry professionals who have an average tenure of more than 15 years.”
Rivett continued, “It has now been three years since our acquisition by Verdant Commercial Capital, which has given us the technology, depth and the resources to grow Intech into the future. Once again, I could not imagine a better fit. I am excited to build the company from where we are now and look forward to seeing what the future holds!”
For more on Verdant Commercial Capital, see an Equipment Finance Advisor interview here with CEO Rooney and Chief Commercial Officer Brian Lowe.