The Hilco Commercial Industrial special situations team will operate the leasing company, managing the entire portfolio of fleet vehicles across the nation
Hilco Global (www.hilcoglobal.com), the world's premier authority on asset valuation, monetization, and advisory solutions, announced today that it’s commercial-industrial team has acquired all of the assets of Sutton Leasing, a large fleet leasing company based in Sterling Heights Michigan, in a multi-million-dollar transaction which closed on May 7, 2021.
The Hilco Commercial Industrial (www.hilcoci.com) team plans to operate the company, managing the fleet lease portfolio which consists of over 7000 cars, trucks, and other transportation equipment. The new company will be called H19 Sutton Leasing and will be added to the H19 group of companies which includes the Indianapolis-based H19 Capital, which Hilco acquired in 2020 and specializes in truck leasing.
H19 Sutton Leasing will remain one of the top ten fleet management companies in the United States, having additional offices in Northbrook, IL. and Vandalia, OH, while maintaining the headquarter operation in Michigan. Huron Consulting Services served as Financial Advisor and its registered broker dealer affiliate served as Investment Banker in the matter.
Steven Tanzi, President of Hilco Performance Solutions said, “We are uniquely positioned for the acquisition of Sutton Leasing due to the success we’ve had with last year’s purchase of H19 Capital as there are considerable operational and administrative synergies between Hilco’s H19 truck leasing operation and assets and the acquisition of automobile focused Sutton Leasing. These synergies provide knowledge and services that will help dramatically improve the company’s financial performance going forward.
The transaction was structured using a combination of debt and equity. Hilco Commercial Industrial closely aligned with Wells Fargo to close the transaction and financial details have not been disclosed. Steven Tanzi – Hilco Performance Solutions said, “Wells Fargo has been an outstanding bank, working collaboratively to help us structure the deal and close very quickly and efficiently.”
“It was a pleasure to work with the innovative Hilco Global management team for this important financing,” said Lindsay Gray, Managing Director, Wells Fargo Capital Finance. “We were able to structure a flexible financing solution and execute a seamless, quick process to close within 15 days to meet the customers’ demands. It was a great collaboration between all parties.”
H19 Sutton Leasing customers will experience a smooth transition as the new company plans to retain most of the staff at this time. The new entity will be called H19 Sutton Leasing and will be led by Steven Tanzi, President of Hilco Performance Solutions who will serve as Chief Executive Officer. Other leaders that will be managing the business are the following: David Dye, Managing Director of Hilco Performance Solutions who will serve as Chief Financial Officer; Bryan Courcier Senior Vice President Hilco Valuation Services will serve as Chief Operating Officer; and Buddy Beaman Executive Vice President at Hilco Receivables will serve as Chief Commercial Officer.
About Hilco Global: Hilco Global (www.hilcoglobal.com) is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies. Hilco Global operates as a holding company comprised of over twenty specialized business units that work to help companies understand the value of their assets and then monetize that value. Hilco Global has over a 30-year track record of acting as an advisor, agent, investor and/or principal in any transaction. Hilco Global works to deliver the best possible result by aligning interests with clients and providing them strategic insight, advice, and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has 600 professionals operating on five continents.
About Sutton Leasing: Sutton Leasing, Inc. operates as a fleet leasing company. The Company provides automotive leasing, purchasing, and maintenance services, as well as offers open and close end lease, self-funding, and equipment financing services. Sutton Leasing serves its clients in the United States.