Somerset Capital announced it consummated a refinancing of a portion of its debt generating immediate and significant interest savings while availing itself of a more flexible funding structure than the retired debt facility.

Coming off its second best year for new lease originations and its best year for revenue production in its equipment brokerage units in 2012, Somerset is poised to achieve its most active first quarter in its history in 2013 with each of its business units projecting steady improvement in activity. Evan Bokor, President and Chief Executive Officer of Somerset noted “The combination of solid revenue growth and operational improvements produced by Project Renew set us up well for a very positive and productive 2013.”  

To further fortify its bottom line, the 28 year old independent lessor launched an internal initiative dubbed “Project Renew” which entails a comprehensive review of each facet of the organization with the goal of improving processes, creating greater efficiency, reducing overall operating and financing expenses, enhancing information flow and augmenting effectiveness in revenue generation.  Bokor commented: “Competition in our industry is intense. It is incumbent upon all organizations in our space leave no stone unturned in improving efficiency and operational effectiveness.  Project Renew engages all areas of our company in these efforts with the goal of achieving significant companywide improvements.”

Headquartered in Milford, CT, Somerset was established in 1984 and offers equipment leasing, rental and asset management solutions tailored to the needs of its clients.  Somerset’s staff of dedicated professionals handle all aspects of client servicing, emphasizing the personalized approach that has been a hallmark of the companies approach to business throughout its history. The company’s primary operations are in the US with additional operations in Canada, England, Singapore and Taiwan.