Hitachi Capital Canada Corp. Advances Canadian Growth Strategy With The Acquisition Of Canadian Leasing Enterprises Ltd.(CLE)

Hitachi Capital Canada Corp. (Hitachi) a 100% owned subsidiary of Hitachi Capital America Corp., announced today that it has signed a share purchase agreement to acquire 100% of the shares of CLE Canadian Leasing Enterprise Ltd., (CLE). CLE has been a trusted business partner of Hitachi in Canada since 2012. The acquisition of CLE strengthens Hitachi’s Canadian business base while improving Hitachi’s ability to grow financing activity in Canada.

CLE will add assets of $198.4 million and annual originations of $129.6 million to Hitachi Capital Canada. “CLE is an excellent company with an extensive sales network across Canada. They have been an excellent partner for Hitachi and this acquisition provides us with the ability to further increase our service and support to our manufacturing relationships with operations in Canada,” stated Bill Besgen, President and CEO of Hitachi Capital Canada.

Luc Robitaille, CEO of CLE added, “We are very pleased to join Hitachi Capital Canada. Hitachi has a global reputation as a top competitor in the commercial equipment finance industry. We are confident that this acquisition will give CLE many new opportunities for growth and improved performance.”

The boards of both companies have approved the transaction. Completion of the acquisition is expected within the next 45 days.

About Hitachi Capital America

Hitachi Capital America Corp. was incorporated in October 1989 and commenced business operations in April 1990. We are headquartered in Norwalk, CT and are wholly owned by Hitachi Capital Corporation, Tokyo, Japan. Our parent was founded in 1957 as a subsidiary of Hitachi Ltd., and has become one of the leading financial institutions in Japan. Through our sister companies located in the United Kingdom, Singapore, Hong Kong, Thailand, Malaysia, Indonesia and China, Hitachi Capital has established a presence in the global market place to better serve our customers and our Hitachi group of companies worldwide.

About CLE Leasing

CLE Canadian Leasing Enterprise Ltd. is an independent financial institution who understands the reality of the business world. Since its foundation in 1979, CLE has been supporting very small, small and medium businesses as well as the self-employed and owner operators by offering financing solutions that are tailored to their unique requirements. CLE is synonymous with simplicity, speed and efficiency. Its’ staff is both attentive and creative when it comes to finding a personalized solution and supporting brokers, vendors and clients throughout the financing acquisition process.

Advisors

Cassels Brock served as legal counsel to Hitachi. The Alta Group Canada served as the lead financial advisor to Hitachi and Three Keys Capital Advisors LLC served as financial advisor to Hitachi Capital America Corp. Fasken Martineau served as legal counsel and National Bank Financial served as lead financial advisor to CLE.

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