Huntington will acquire Macquarie Equipment Finance’s US business from its ultimate parent company, Sydney, Australia-based Macquarie Group Ltd. Under the terms of the agreement, Huntington will acquire approximately $900 million of assets and assume approximately $630 million of debt, securitizations, and other liabilities. The acquisition is expected to be accretive to Huntington’s earnings in the first year and is anticipated to be completed by March 31, 2015.
Stephen D. Steinour, Huntington Bancshares chairman, president and CEO explained: “The acquisition of Macquarie Equipment Finance is an important expansion of Huntington’s current capabilities, adding a national technology and healthcare platform to help drive our ongoing growth.
“We will be able to now provide broader credit solutions helping corporate and middle market businesses to grow. Importantly, we will also extend our asset finance capabilities to small businesses throughout our region as a result of the acquisition.”
The transition will be seamless for customers who will continue to interface within the converting MEF-US workforce, under the same executive management team leadership. The acquisition will add more than 165 jobs to Huntington’s colleague base.
Proven track record
Rick Remiker, commercial banking director for Huntington and the company’s senior executive overseeing the equipment finance function (pictured) said: “Huntington’s proven track record as a leading equipment finance solutions provider will integrate well with Macquarie Equipment Finance’s similar high standards of service.
“We have organically grown Huntington Equipment Finance by more than 200 percent over the past five years. We look forward to further growth opportunities in partnership with our new executive leaders following successful completion of the acquisition.”
“We are very enthusiastic to join Huntington and are excited about what this acquisition means for our customers and partners,” said Gregory Goldstein, president of Macquarie Equipment Finance.
Huntington’s purchase of Macquarie Equipment Finance is the company’s latest investment within Michigan, following the September completion of a 24-branch, $750 million deposit acquisition from Bank of America. Huntington is a longtime partner to the Michigan public sector with a series of partnerships with the state of Michigan and Michigan Economic Development Corporation contributing in excess of $2 billion in statewide corporate lending, and engineering statewide microlending opportunities via the Pure Michigan Micro Lending Initiative in Detroit and further pending in additional Michigan communities.
Huntington is also in the process of successfully concluding a $100 million Michigan affordable housing investment statewide commitment, and continues to grow in Michigan by adding branches within Meijer stores. As a Michigan business lender, Huntington maintains the No. 1 ranking as the top Small Business Administration (SBA) lender in the state, currently making more SBA 7(a) loans in Michigan than all other lenders combined.
Huntington Bancshares Incorporated is a $66 billion asset regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, and its affiliates provide full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services.
Macquarie Equipment Finance, Inc., a member of Macquarie Group, is a leading global provider of specialized financing and asset management solutions for enterprises, technology manufacturers and suppliers worldwide with capabilities to serve the needs of major multinational organizations through small and midsize businesses.
