DANBURY, Conn.--(BUSINESS WIRE)--Oct. 26, 2004--GE Commercial Finance, the business-to-business financial services unit of the General Electric Company (NYSE: GE), announced today it has reached an agreement to acquire the IT leasing business of Bay4 Capital, LLC -- an independent information technology lessor. The agreement is expected to close in the fourth quarter of 2004.
With the acquisition of Bay4 Capital, GE Commercial Finance will offer new and existing customers a variety of financing options to help them acquire a broad range of technology assets - including hardware and related software and services. The new business will be called GE Commercial Finance, Technology Finance and will be integrated into GE Commercial Finance, U.S. Equipment Financing, one of the leading suppliers of middle market financing for public and private companies in the U.S.
"The IT equipment financing space is the fastest growing segment of the capital equipment market," said Mike Neal, President and CEO, GE Commercial Finance. "The addition of a strong IT financing platform within GE Commercial Finance complements our wide range of existing financing products and is very much in line with our growth plans for 2005 and beyond."
Founded in 1999, Bay4 Capital provides technology and related equipment financing solutions. The company was founded by Clay M. Biddinger, who previously founded Sun Financial, a leading IT leasing company which he sold in 1995. In 2003, Bay4 acquired all the assets of Comdisco's IT leasing business. In that year, Joseph C. Lane, former President, IBM Credit Corp. and Group Executive, IBM Global Financing, joined the company as Vice Chairman. Mr. Lane will be joining GE Commercial Finance as CEO of Technology Finance and Mr. Biddinger will be joining as President, Technology Finance.
"We are very excited to become a part of GE Commercial Finance," Lane said. "While our company has enjoyed terrific momentum and success, we believe it will be better positioned for growth within the GE Commercial Finance portfolio. Our current and future customers will enjoy the combination of technology-oriented skills and products with the tremendous resources of GE Commercial Finance."
"Bay4's seasoned leadership team delivers the market knowledge and emerging technology skills necessary to add value to customers," said Michael Pilot, President, GE Commercial Finance, U.S. Equipment Financing. "Combining our coast-to-coast sales coverage with the IT experience and knowledge of Bay4 better positions us to pursue the annual $30 billion IT leasing market - and ultimately better serve our customers by addressing all of their IT financing needs."
About GE Commercial Finance, US Equipment Financing:
With over $27 billion in assets, US Equipment Financing offers commercial financing and leasing programs that keep customers growing and profitable. USEF finances all types of equipment for all sizes of businesses. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $220 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
About Bay4 Capital, LLC:
Bay4 Capital, LLC provides brand-independent, customer-centric financing solutions for information technology assets. Bay4 works with customers to identify the most cost-effective solution to their IT needs, and uses financial and asset management expertise to bridge market capabilities to customer needs. The management team reflects experience in all aspects of the leasing, financing, investment banking, and consulting industries, and its corporate roots are firmly embedded in information technology.
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CONTACT:
GE Commercial Finance
Jim Thomas, Office: 636-586-1964,
Cell: 636-633-6988
or
Mike Sergott, Office: 203-796-5678
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: BANKING MERGERS/ACQ
SOURCE: GE Commercial Finance
Copyright Business Wire 2004
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340