North Mill Equipment Finance Reaches $1B in Originations Since Wafra Capital Partners Acquisition
North Mill Equipment Finance, an independent commercial equipment lessor headquartered in Norwalk, CT, reached the $1 billion mark in total originations since its recapitalization by an affiliate of Wafra Capital Partners four years ago.
North Mill Equipment Finance was acquired by Wafra Capital Partners, a New York based SEC-registered investment adviser that manages or advises funds and accounts that invest in specialty finance, rental and leasing platforms, in 2018. Since the recapitalization, North Mill Equipment Finance has undergone a major transformation, graduating from a niche lender that focused on challenged credits in the transportation sector to a multi-faceted provider of financial solutions spanning the A to C credit markets. The company now finances assets ranging in diversity from construction and medical equipment to major franchises such as Dunkin Donuts, Subway and Burger King. The company’s expanded operations have necessitated the opening of regional offices in multiple locations across the nation.
“They’ve been an extraordinary partner, supporting our growth strategy every step of the way,” David C. Lee, chairman and CEO for North Mill Equipment Finance, said. “The fact that we’ve reached 1 billion in volume in four short years, on our anniversary date, is a testament to their collaboration along with the passion, dedication and hard work espoused by the entire team at North Mill.”
North Mill Equipment Finance’s leadership team has reworked every facet of the organization by investing in the technology, funding and marketing infrastructure necessary to originate new business exclusively through the third-party channel. The company has consistently reported company-record-breaking headlines the last few years, most recently declaring an all-time high for the company in Q2/22, as organic originations surged to $146.6 million, up 34% from the first quarter. Last month, North Mill Equipment Finance made another major announcement, as the company introduced a simpler pricing scheme, imparting a level of transparency and connectivity between the organization’s buy rates and credit parameters. The enhancement makes it much easier for referral partners to determine borrower eligibility and to identify the potential buy rate at which a deal will likely price.