Stockholders of ENGS Commercial Finance have agreed to sell the business to Mitsubishi UFJ Lease & Finance Co., an affiliate of Mitsubishi Corp. in Japan, for an undisclosed amount.
ENGS, based in Itasca, Ill., is one of the nation’s oldest and largest independent finance companies with assets of $680 million as of Dec. 31, 2017. The company specializes in lending to transportation equipment manufacturers, construction firms, dealers and fleet operators.
ENGS has been owned by a group of investors led by Aquiline Capital Partners in New York since February 2015.
The deal, which is subject to regulatory approvals and is expected to close sometime in the fourth quarter, would expand Mitsubishi’s global vendor finance business in the United States and provide a platform for the company’s international clients doing business in the U.S., according to a statement released by the Japanese firm on Oct. 29.
Mitsubishi set up the Mitsubishi UFJ Lease & Finance (MUL) business in 2015 and a year later established a U.S.-based finance team. The company also established a U.S.-based railcar leasing company in 2017.
Craig Weinewuth, president and CEO of ENGS, said he sees benefits in becoming part of the Mitsubishi finance group.
“We will be able to offer our vendor and customer clients products and services that very few in the U.S. can match,” he said.
“MUL and ENGS share the same vision to become the leading commercial finance company in the U.S. by providing best-in-class products and services,” Weinewuth added.