Mitsubishi UFJ Lease & Finance Company (MUL) has announced the acquisition of ENGS Commercial Finance, as part of a push into the US market.
In Japan, MUL is well-known for delivering vendor-based financing products and in 2015 it began expanding internationally by launching a dedicated business in Thailand. The US acquisition is the next step in its global growth plans.
Since private equity firm Aquiline became the majority investor in ENGS in February 2015, Aquiline and ENGS have worked to expand ENGS’ footprint and diversify its offerings, expanding into the industrial, construction, factoring and insurance sectors.
Following the acquisition, ENGS will continue to expand its existing relationships and markets with its US-based vendors, and will also be the platform for MUL’s international clients doing business in the US.
Craig Weinewuth, president and CEO of ENGS, said: “We are extremely excited to become part of the MUL family. MUL and ENGS share the same vision to become the leading commercial finance company in the US. We will achieve this by providing the best-in-class products and services to our vendors and customers.”
The transaction is subject to approval and is expected to close in the fourth quarter of 2018.
Based in Chicago, ENGS has provided more than $2 billion in financing to manufacturers, dealers, fleets, owner-operators, and businesses during more than 60 years of trading.