The Globe and Mail reported that Newcourt Credit Group Inc. founder Steven Hudson has raised $175 million to expand his newest leasing company – Element Financial.

Mr. Hudson's latest venture will utilize the funds raised to buy more leasing companies immediately.

Mr. Hudson believes the turmoil faced by banks and financial companies has created many opportunities for acquisition which may not last much longer. Primary targets include businesses that provide financing for gear such as golf carts, medical equipment and construction equipment.

The article quotes Mr. Hudson as saying "This is the time to be acquiring, there’s some great platforms in equipment financing that are for sale, and the values are very attractive."

Mr. Hudson built Newcourt by acquisition in the 1990s, going from a startup to the world’s second-biggest non-bank financial company.