INDUSTRY NEWS

Bristow Files for Chapter 11 Proceedings; Lenders Commit to $75MM DIP

Bristow Group voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Bristow intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile. Certain senior secured noteholders made a $75 million term loan to the company prior to the court filing, and provided a commitment for a further $75 million in DIP available upon Court approval.

Chesswood’s Vendor Business, Tandem, Reaches $1MM in Q1 Originations

Chesswood Group, a North American commercial equipment finance provider for small and medium-sized businesses, reported its results for Q1/19. The reported metrics included a portfolio that grew by 24% since Q1/18; revenue of $30.8 million, up by 22% from 2018; and the launch of a new vendor channel business, Tandem Finance, which has already posted its first $1 million in originations.

SANY Capital USA Implements IDScloud

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SANY Capital USA, the fifth largest heavy equipment manufacturer globally, selected IDS, a provider of asset finance and origination technology, for its IDScloud platform for asset finance. SANY selected IDScloud based on both the functional strength of the solution and the ability to move quickly from their existing asset finance accounting system. 

Wintrust Specialty Finance Team Now Entirely Employed by CLFPs

Wintrust Specialty Finance’s team now consists 100% of CLFPs. Last month Chelsea Wood, CLFP, WSF funding manager, and Jodie Masciola, CLFP, WSF credit officer, both successfully passed their CLFP exams during an Academy for Leasing & Finance Professionals and CLFP Exam hosted in Southern California by WSF. In doing so, the entire WSF team now has the CLFP designation.

Marlin Reports Net Income of $5.1MM for Q1/2019

Marlin Capital Solutions reported first quarter 2019 net income of $5.1 million, or $0.41 per diluted share, compared with net income of $6.2 million, or $0.50 per share a year ago. First quarter net income on an adjusted basis was $5.0 million, or $0.40 per diluted share, compared with $6.2 million or $0.50 per diluted share a year ago.

Crestmark Equipment Finance Selects Ivory Consulting’s SuperTRUMP

Crestmark’s equipment finance division, a division of MetaBank, plans to use Ivory Consulting’s flagship modeling and pricing product, SuperTRUMP, to structure tax-advantaged equipment financing solutions tailored to the unique business requirements of Crestmark’s clients.

DLL Celebrates 50th Anniversary in May

DLL celebrated its 50-year anniversary on May 29, 2019. From its origins as a financing company with only three employees in a small Dutch village, DLL has evolved to become an award-winning, global vendor finance company with over 5000 employees in more than 30 countries and boasting a wide array of products and services. 

North Star Leasing Company Goes Live on IDScloud

North Star Leasing Company went live on the 100% Software-as-a-Service (SaaS) IDScloud platform. An IDS customer since 1987, NSL is the first to migrate their on-premise InfoLease portfolio to IDScloud. 

idPac Asks FTC & SEC to Examine American Railcar Sale to Greenbrier

idPac a RFID-AIDC integrative firm based in St. Louis, has asked the Federal Trade Commission, United States Justice Department, and Securities & Exchange Commission to review the prior actions of Carl Icahn and American Railcar industries to determine if recent high valued sales of the company are tied to idPac technology.

AP Equipment Financing Posts Record Q1 Originations; Up 27% Y/Y

AP Equipment Financing set another financing volume record for the first quarter of 2019. AP closed Q1/19 with the funding of $32.7 million worth of equipment to small and medium-sized businesses across the U.S. This funded volume represents a 27.7% increase over Q1 of 2018.

North Star Leasing Sees Largest Monthly Funding Growth to Date

North Star Leasing achieved a 54% increase in originations year over year through April 30th. April also marked the largest funding month on record in the company’s nearly 40-year history.

First Midwest Bank Expands Footprint in Milwaukee to Better Serve Clients

First Midwest Bank is expanding its footprint in Milwaukee by opening a commercial banking office to better serve clients across Wisconsin. First Midwest previously established a wealth presence through its acquisition of Northern Oak Wealth Management, a registered investment adviser with approximately $800 million of assets under management.

OnDeck Reports $110.2MM Gross Revenue for Q1/2019, Up 22% Y/Y

Online lender OnDeck reported first quarter 2019 net income of $5.9 million, a decrease from the $14 million net income from Q4/2018, primarily due to higher loan loss provision, higher operating expenses and an accrual for income taxes. Adjusted net income for the company was $8.3 million, and gross revenue was $110.2 million, up 22% from the first quarter of 2018.

Element Sees 38% Increase in Adjusted Operating Income Y/Y

Element Fleet Management reported financial results for the first quarter which ended March 31, 2019 and further progress on the company’s client-centric transformation. Q1 adjusted operating income from core business increased 38% from Q1 2018 to $122 million.

Onset Financial Wins National Advertising Award

The Telly Awards named Onset Financial as a winner for video excellence in a promotional business-to-business video. The award-winning video includes Onset’s valued customer Aspen Press. Onset joins companies like Disney, ESPN, FOX, HBO and Bloomberg in winning a Telly Award.

Fed to Keep Interest Rates Steady in 2019

Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2.25% to 2.5%.

ACT Research: When Change Comes, It Is Likely to Come Fast

According to ACT Research’s latest North American Commercial Vehicle OUTLOOK, current Class 8 build rates suggest an upside to the 2019 forecast, but large new truck inventories and deteriorating freight and rate conditions suggest erring on the side of caution remains the right call, as when the change comes, it is likely to come fast.

Huntington Rolls Out Fraud Protection, Unlimited Transactions for Small Business Owners

In direct response to consumer insights collected from more than two years of research, Huntington Bank rolled out of a new business banking product suite across its footprint as part of its commitment to help businesses thrive. 

Onset Officially Opens New Headquarters in Draper, UT

Onset Financial celebrated the opening of its new headquarters in Draper, UT. The company’s growth over the last decade necessitated the state-of-the-art 55-thousand square-foot building. The new office space is designed to create a high-performance environment with room for additional growth.

PACCAR Achieves Record Revenues and Profits in Q1/2019

Truck manufacturer PACCAR reported record revenues for the first quarter of 2019, including a record net income of $629 million, which was 23% higher than the $512.1 million earned in the same period last year. The company also delivered a record quarterly number of trucks, driven by Kenworth, Peterbilt and DAF’s strong market share and global truck demand. 

NationaLease Honors 13 Member Companies w/Service Award

NationaLease, one of the largest full-service truck leasing organizations in North America, honored 13 member companies for providing exceptional reciprocal service to fellow members within the NationaLease network. The awards were presented during the organization’s annual Maintenance Managers Meeting.

Amur Equipment Finance Joins Top 5 in Monitor’s Top Private Independents Ranking

Amur Equipment Finance has been ranked fifth in Monitor’s 2018 rankings of the “Top Private Independent” equipment finance and leasing companies in the U.S., which represents a gain of nine spots since 2016. AmurEF achieved year-over-year originations growth of 66.7%in 2018, far exceeding the 17.2% average growth rate for the Top 25 Independents peer group.

Stearns Bank Named a 2019 Top 150 Workplace by Star Tribune

Minnesota’s largest newspaper has named Stearns Bank one of the state’s Top 150 Places to work in 2019. The annual list released by the Star Tribune is based on employee surveys.

Fleet Advantage Named to CIO 100 by CIO Magazine

Fleet Advantage’s data analytics and business intelligence tools were among the primary reasons why the company was selected for the second straight year as an award winner on CIO Magazine’s “CIO 100” list. The list recognized Fleet for the development of the ATLAAS (Advanced Truck Lifecycle Administrative Analytics Software) Unified software platform, which is a business intelligence resource for private fleets and for-hire carriers.