People’s United Bank, N.A., a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), has acquired Vend Lease Company, a nationwide provider of equipment financing to suppliers and vendors primarily in the hospitality industry.
Headquartered in Baltimore, MD, Vend Lease will become a division of the bank’s operating subsidiary, LEAF Commercial Capital, Inc.
“We are pleased to welcome Vend Lease to People’s United Bank,” said Jack Barnes, Chairman and CEO of People’s United Financial. “They share our client-centric approach, have a highly specialized skill-set, and a recognized brand in the markets they serve. The strength of our combined expertise will provide for an exceptional client experience, foster positive growth and be a valuable addition to our growing equipment finance business.”
“With People’s United and LEAF, we are confident in our ability to accelerate growth from expanded sales resources, strong marketing capabilities and sophisticated technology automation,” said Michael Paszkiewicz, President of Vend Lease. “Leveraging the bank’s expertise in equipment leasing and access to capital will allow us to better serve our clients.”
Established in 1979, Vend Lease will maintain their existing brand and operate under LEAF, a $1 billion equipment finance company. Since its founding in 2002, LEAF has financed over $6 billion for more than 250,000 customers nationwide. People’s United’s combined equipment finance units have over $4 billion of assets and rank as the 16th largest bank-owned equipment finance entity in the U.S.
“Our goal is to create a deep network of specialty finance experts who understand the evolving equipment finance industry, to generate an environment that drives growth. The addition of Vend Lease will help us achieve that goal,” said Crit DeMent, Chairman & CEO of LEAF.
Keefe, Bruyette & Woods served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to People’s United.
CrestMount Advisors served as financial advisor and Baker Donelson served as legal counsel to Vend Lease.