Onset Financial will acquire Channel, a leading provider of equipment finance and working capital solutions for small businesses, and its subsidiaries, Onset announced.
The acquisition, expected to close in April pending regulatory approval, will form one of the largest independent equipment finance lenders in the industry, according to an April 8 Onset release. Financial terms were not disclosed.
Draper, Utah-based Onset Financial, which has facilitated more than $5 billion in equipment leasing since its founding, recently surpassed $1 billion in annual volume. Minnetonka, Minn.-based Channel, established in 2009, has provided over $3 billion in financing to more than 30,000 businesses and is recognized for its technology-driven approach and strong partner network.
The acquisition brings together two high-growth, independent finance providers with complementary strengths, according to the release. The transaction expands Onset’s small-ticket financing capabilities and enhances Channel’s access to capital.
Channel will continue to operate under its existing brand, with its leadership and staff remaining to ensure continuity for clients and partners.
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