HOFFMAN ESTATES, Ill.--Thursday, December 03, 2009-- GE Capital, Commercial Distribution Finance (CDF) today announced that it will acquire over $200 million of dealer floorplan financing receivables for the Arctic Cat dealer network in the USA. GE Capital will be acquiring the portfolio from Arctic Cat's former financier, Textron Financial Corporation and is now the exclusive provider of inventory finance for Arctic Cat under a multi-year program.
"We are excited about our new partnership with GE Capital," said Christopher Twomey, Arctic Cat's chairman and chief executive officer. "Through this partnership we'll be able to provide innovative financing programs and world-class service to our dealer network."
GE Capital expects to take over Arctic Cat assets from Textron beginning in early December and to provide financing for nearly 700 U.S. based Arctic Cat dealers.
"The acquisition of the Arctic Cat dealer relationships and receivables completes our recently announced program agreement with Arctic Cat," said Peter Lannon, managing director/group president of Motorsports and Recreational Vehicles for GE Capital, CDF. "We look forward to providing Arctic Cat and Arctic Cat dealers with funding, business intelligence and services to enable them to grow."
About Arctic Cat
Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs) and snowmobiles under the Arctic Cat® brand name, as well as related parts, garments and accessories. Its common stock is traded on the Nasdaq Global Select Market under the ticker symbol "ACAT." More information about Arctic Cat and its products is available at www.arcticcat.com.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance is a leading financing provider to manufacturers and their distributors. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. Additional information can be found online at www.ge.com/cdf.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. Visit: www.gecapital.com. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at www.ge.com.
Ned Reynolds
GE Capital
[email protected]
+1 203 2295717
+1 203 8370699
Mark Chesney
GE Capital Commercial Distribution Finance
[email protected]
1-847-747-6518
1-847-544-9362