NMEF acquires Pawnee, expanding industry leadership

North Mill Equipment Finance, a leading independent commercial equipment lender, completed its acquisition of Pawnee Leasing from an affiliate of Chesswood Group, according to a release from North Mill today.

The deal, approved by the U.S. Bankruptcy Court for the District of Delaware, follows a court-supervised sale process initiated in Canada in December 2024, according to the release. With the acquisition, North Mill Equipment Finance’s (NMEF) total gross receivables under management now exceed $2 billion.

The Pawnee and Tandem brand names will be retired, and no new originations will occur under Pawnee’s former referral partner programs, according to the release. NMEF has also taken over servicing of Pawnee’s managed investment partnerships.

More than half of Pawnee’s former employees have joined NMEF, with most based in Fort Collins, Colo. The acquisition strengthens NMEF’s position in the small-ticket equipment financing sector.

Pawnee had been a longstanding leader in referral partner-based financing, influencing aspects of NMEF’s business strategy following its 2018 recapitalization, according to the release. The transaction also improves NMEF’s financial standing, as it refinanced about 50% of Pawnee’s assets at lower costs and better leverage levels.

NMEF provides small to mid-ticket equipment leases and loans ranging from $15,000 to $5 million across industries including construction, transportation, medical and manufacturing

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