DANBURY, Conn.--(BUSINESS WIRE)--In a move that enhances its growing role in equipment financing to the marine industry, GE Capital Solutions said today it acquired CitiCapital's Marine Finance division, an Irving, Texas unit of Citigroup.
CitiCapital Marine finances and leases commercial workboats and passenger vessels in U.S. and Canadian waters and the Gulf of Mexico.
The acquisition, which closed last week, will add approximately $250 million in assets to GE Capital Solutions' marine portfolio. Terms of the agreement were not disclosed.
"Our growth in Marine financing continues at a double digit pace," said Richard Laxer, president and CEO, GE Capital Solutions. "This acquisition enhances our ability to bring world-class service and options to our customers."
Joseph Pitch, senior vice president, CitiCapital Marine Finance, will join GE as part of the Marine industry team.
GE Capital Solutions finances such vessels as tugs and barges, car and passenger ferries, pilot boats, offshore supply vessels/anchor handlers and dredges and derrick cranes.
GE Capital Solutions provides leasing, lending and capital investment products and services to the construction, manufacturing, IT, financial and automotive industries, among others. It has over $92 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, Connecticut, USA. www.ge.com/capitalsolutions
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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts Media:
GE Capital Solutions
John Oliver, 203-984-7757
Stephen White