Motorlease has been acquired by 1st Financial Bank USA, the company announced on Oct. 23. The acquisition provides Motorlease access to significant capital to fund continued growth and operate as a privately held, family-owned provider of fleet management services.
The transaction closed on Oct. 1. Motorlease’s existing leadership team will continue to run the business as an independent subsidiary of the family-owned bank, headquartered in South Dakota, 1st Financial.
According to Jeff Perkins, president of Motorlease, the process started when Motorlease met with several financial institutions to expand its credit lines.
“During this process, we discovered an incredibly aligned partner,” Perkins said. “In fact, the alignment was so strong that a deeper partnership became the logical conclusion, and, as a result, we are delighted to welcome 1st Financial Bank as the new equity owners of Motorlease.”
James Hegyi, senior vice president of 1st Financial Bank USA, will act as a liaison between the two organizations. “The bank greatly appreciates who Motorlease is as an organization and what the company means to the fleet management industry,” said Hegyi.
“For three generations and nearly 80 years, my family has made Motorlease our life’s work,” said CEO Beth Kandrysawtz. “I am so pleased that the new partnership with James and 1st Financial Bank will allow our company to continue to grow and serve our clients like family for decades to come.”
Originally posted on Automotive Fleet