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First Financial Equipment Leasing Expands Operations in Canada Following Acquisition

December 08, 2022, 07:22 AM
Filed Under: Mergers & Acquisitions

First Financial Equipment Leasing (FFEL), a provider of equipment financing solutions and a member company of JA Mitsui Leasing Ltd (JAML), announced a strategic expansion into Canada with the acquisition of NorFund Capital. Based in Toronto, Canada, NorFund Capital is an independent leasing company specializing in capital equipment, solar and alternative energy, and vendor finance programs.

The acquisition continues First Financial Equipment Leasing's tremendous growth trajectory, driven by its vision to elevate and broaden solutions offered to its global customers. "NorFund Capital's expertise and creativity within the Canadian market made it the ideal fit to lead our growth in new markets and industries," said Tom Slevin, FFEL Co-Founder and CEO. "With Canada becoming a significant part of our North American platform, this acquisition provides key opportunities for us to extend our financing solutions and enhance the customer experience throughout our global client base."

"We are excited to join First Financial Equipment Leasing and the JA Mitsui Leasing Ltd. family of companies," said Robert MacFarlane, President and Founder NorFund Capital. "Our organizations have a shared passion for building innovative financing solutions with a customer-focus approach. Given the complementary nature of our combined businesses, we look forward to a strengthened global platform with expanded investment opportunities."

MacFarlane will lead the newly named First Financial Canadian Leasing as Senior Vice President, overseeing the Canadian sales strategies and business development. He will focus on growing the company's fair market value (FMV) leases and establishing First Financial Canadian Leasing as a market leader in renewable energy financing in Canada. MacFarlane has over 30 years of experience in the leasing industry and has built and managed several highly successful equipment finance companies.

First Financial Equipment Leasing was represented by Cassels Brock & Blackwell LLP on the transaction.

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