Allegiant Partners Incorporated and First Star Capital, two privately-held equipment finance firms in the Bay Area, have merged making Walnut Creek-based First Star Capital a wholly owned subsidiary of San Rafael-based Allegiant Partners. The acquisition officially commenced July 1, 2008 and both firms are very pleased with the results so far.
First Star Capital was formed nearly four years ago by founder Brad Harmon. The company quickly grew to an equipment finance company funding $10 million annually. The acquisition allows Allegiant Partners, an indirect funding source for commercial leasing brokers nationwide, to enter the direct finance business for the first time.
Allegiant Partners was founded in 1998 and is focused on the underserved niche of high margin asset based loan and lease financing. The company's primary target customer is a promising, capital intensive enterprise in need of equipment financing. By adding First Star Capital, Allegiant expects to almost double their current funding volume in 2009. The synergy created by the acquisition allows rapid growth opportunity for both firms. Allegiant expects to finance over $30 million of equipment in 2009.
Eight out of ten US businesses lease or finance some or all of their equipment. First Star Capital is a commercial equipment leasing firm that offers flexible financing and leasing options to businesses in a variety of industries throughout the country. They specialize in transaction sizes ranging from $10,000 to $2,000,000. Pairing up with Allegiant allows First Star greater flexibilityin credit decisions and the ability to place transactions onto their own balance sheet.
Brad Harmon, President of First Star, says “this marriage of two solid equipment finance companies is exciting for everyone. First Star is now able to offer more financing options to our clients during a time when those options seem to be drying up everywhere else. Allegiant now has a direct sales force. While many lenders and brokers have been forced out of the market due to the current credit crisis, First Star and Allegiant were able to steadily increase market share throughout the 2008 calendar year.”
For more information on Allegiant Partners please visit www.allegiant-partners.com or contact Doug Houlahan, Business Development at 415-451-4045.
For more information on First Star Capital please visit www.firststarcapital.com or contact Kim Shea at 925-256-7200.
First Star Capital is a commercial lender with a specialty focus in equipment financing and leasing. Our clients include businesses from a range of industries throughout the country. We are dedicated to timely actions and the ultimate success of our customers. First Star values your business and will go above and beyond the call of duty to exceed expectations. For more information go to www.firststarcapital.com.
No comments:
Post a Comment