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ENGS to be Acquired by Mitsubishi UFJ Lease & Finance

October 29, 2018, 07:25 AM
Filed Under: Mergers & Acquisitions

ENGS Commercial Finance Co. announced its shareholders, led by Aquiline Capital Partners, a New York-based private-equity firm investing in financial services, has entered into an agreement to sell all shares of ENGS to Mitsubishi UFJ Lease & Finance Company Limited (MUL).

MUL is a prominent global leasing company headquartered in Tokyo and its principal shareholders include Mitsubishi Corporation, a leading Japanese trading and investment company, and Mitsubishi UFJ Financial Group, Inc., one of the world's leading financial institutions. In Japan, MUL has consistently delivered leading vendor-based financing products to customers and is a leading equipment lender. In 2015, MUL expanded its vendor financing capabilities outside of Japan by launching a dedicated business in Thailand.

Through its acquisition of ENGS, MUL is now extending its global reach of vendor finance to the United States, the largest equipment finance market in the world.

Since Aquiline became the majority investor in ENGS in February 2015, Aquiline and ENGS have worked to expand ENGS’ footprint and diversify ENGS’ offerings, expanding into the industrial, construction, factoring and insurance sectors. With this transaction, ENGS will continue to expand its existing relationships and markets with its U.S. based vendors. ENGS also will be the U.S. vendor-based platform for MUL’s international clients doing business in the U.S.

“We are extremely excited to become part of the MUL family,” said Craig Weinewuth, President and CEO of ENGS. “The strength and power of the MUL brand worldwide is unrivaled. Becoming the U.S.-based vendor finance platform to carry out MUL’s vision will provide great benefits to our employees, vendors and customers. Together with MUL’s existing U.S. businesses, we will be able to offer our vendor and customer clients products and services that very few in the U.S. can match.” 

“MUL will be a great fit for ENGS.  MUL and ENGS share the same vision to become the leading commercial finance company in the U.S. We will achieve this by providing the best-in-class products and services to our vendors and customers. This will enable them to grow their businesses most efficiently,” he continued.

The transaction is subject to approval under Hart-Scott-Rodino Act and is expected to close in the fourth quarter of 2018. J.P. Morgan Securities LLC served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to ENGS.

MUL is a publicly traded company on the ‎Tokyo Stock Exchange. The U.S. is a high priority region for MUL.  MUL, through its wholly-owned subsidiary Mitsubishi UFJ Lease & Finance (U.S.A.) Inc (MULUSA), has supported capital investment of Japanese companies in the U.S. since 1985.  In recent years, MULUSA has expanded its capital investment to U.S. based companies through its Corporate Asset Finance Division based in San Diego.  It has grown its global asset business in the U.S. through its acquisitions of Jackson Square Aviation, LLC, a leading aircraft leasing company; Beacon Intermodal Leasing, LLC, a marine container leasing company; and full entry into freight car leasing through an alliance with Greenbrier Leasing Company.

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