PacWest Bancorp Acquires Marquette Equipment Finance

PacWest Bancorp and Marquette Equipment Finance have agreed to acquire Marquette Equipment Finance. The latter was established in 2006 and is specialized in financing and leasing business equipment. The portfolio of transactions offered by the company is priced at mid-price. They will continue the current management team and focus on financing equipment. The new name will be EQF. 

The company will focus on financing equipment and keep its current name, and Pacific Western will continue to utilize MEF's existing branding and reputation.

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PacWest Bancorp has completed the acquisition of Marquette Equipment Finance. MEF is a specialist equipment leasing business based out of Midvale, Utah. 

The company is specialized in mid-priced leases of business equipment. By the end of 2011, the company held outstanding leases of $166 million across 18 different sectors. Most of the unpaid leases came from the construction, mining, and energy industries. The new owner will maintain the name and structure in place.

New owners for Marquette Equipment Finance have an impressive management team as well as the company has a prudent approach to credit. Alongside having the PPR purchasing option, PacWest will maintain MEF's autonomy, and MEF will continue to be an affiliate of Pacific Western Bank. The transaction is expected to close in the coming weeks. 

The combined firm will retain the 71 MEF employees, including Jim Christensen, executive vice president, and Christian Emery, CFO.

The management team at the company is confident about its ability to continue to operate with its PacWest brand. The bank will continue to serve as an affiliated company part of Pacific Western Bank, and MEF will remain independent within the Pacific Western bank system. MEF will keep the 71 employees, including its CEO Jim Christensen. This deal will also include the remainder of MEF's assets, which totaled $18 million at the end of December 31, 2011.

Marquette Equipment Finance was formed on 03/03/2007. This is a private business with its headquarters located in Midvale, Utah. The name of the company is "MEF." Its address is 6975 Union Park Ct., Ste 200, MIDVALE, UTAH 80447-6095. The address it is registered under is "Marquette Equipment Finance LLC." The CEOs will remain employees at PacWest.

Marquette Equipment Finance was incorporated on March 08, 2007, as a non-domestic company. Its headquarters is in Midvale, Utah, and is focused on commercial equipment at a mid-price lease. In December 2011, MEF had a total of $166 million of leases in force. The top three industries of MEF comprise nearly six-fifths of the total transactions. The merger, however, has not impacted the business's expansion.

Acquiring Marquette Equipment Finance was announced by PacWest Bancorp. The acquisition is an excellent opportunity for PacWest, and the bank hopes to broaden its presence within the middle-priced segment. 

The merger is a good match for both parties. The union will let PacWest and Marquette continue to run as distinct companies. Marquette will function as an affiliate of PacWest, and its MEF team will remain with the existing management staff.

The merger will allow MEF to offer its customers a better competitive loan structure. The credit risk profile of MEF is shallow. MEF will continue to function as an affiliated company part of PacWest Bank and will retain the 71 employees it employs. This deal will create an efficient working environment for both sides, making it easier to compete in the marketplace. The merger won't affect any business plan. The company intends to remain independent and keep its solid management team.

Acquiring Marquette Equipment Finance has brought more stability and is expected to create more opportunities for its employees. The acquisition was completed in December 2011, and the two parties are currently working together to expand the business. The new company will remain an independent entity, and the merger will enable the company to stay competitive in the marketplace. The merger will also bring two of the biggest companies in the leasing sector. 

MEF is a subsidiary of Midvale, Utah. MEF team is located in Midvale, Utah.

PacWest Bancorp's acquisition of Marquette Equipment Finance, based in Midvale, Utah, has proved to be a perfect match for the company. Despite its conservative credit policy, MEF will remain a part that is part of PacWest Bancorp. The bank has kept the 71 employees who work for Marquette Equipment Finance, including its chief executive officer and executive vice president. Additionally, the acquisition will give MEF access to a greater variety of clients and increase the possibility of offering its customers favorable rates.

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