Toronto, Ontario, & Norwalk, Connecticut June 28, 2013 - Element Financial Corporation (TSX:EFN) ("Element" ) and GE Capital ("GE Capital") closed the previously announced asset purchase transaction today through which Element has acquired GE Capital's Canadian fleet portfolio and the two companies have formed a strategic alliance to deliver comprehensive vehicle fleet financing and management services to cross-border customers in Canada and the United States.
The acquired GE Capital Canadian fleet operations will be combined with TLS Fleet Management, Element's existing fleet management business, to serve the domestic Canadian fleet industry under the Element Fleet Management brand.
About Element Financial Corporation
With total assets of approximately C$2.4 billion, Element Financial Corporation is one of North America's leading independent equipment finance companies. Element operates across North America in three verticals of the equipment finance market - Element Capital provides large ticket equipment leasing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.
About GE Capital Fleet Services
GE Capital Fleet Services, based in Eden Prairie, Minn., is a global fleet leasing and management company with strong capital resources, unmatched data and analytics and deep strategic consulting capabilities to help organizations find new ways to optimize their investments throughout the fleet lifecycle. Visit our web site at www.gefleet.com or follow the company's eco news and updates via Twitter (@GEFleetSvcs).
About GE Capital
In Canada, GE Capital has provided commercial leasing and lending solutions to mid-market companies for nearly 30 years. GE Capital is one of the world's largest providers of credit and expertise, serving more than one million businesses and nearly 80 million consumers. GE Capital is an extension of GE's rich heritage of building and supporting growth, providing customers with insight, knowledge and expertise in addition to financing.
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