North Mill Equipment Finance LLC (“North Mill EF”) announced that it has entered into a $50 million senior loan facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The new loan facility will enable North Mill EF to expand its business of originating small-ticket equipment leases and loans throughout the United States through vendors, dealers and brokers. Based in Norwalk, CT, North Mill EF is a specialty finance company with extensive experience leasing equipment in the small-ticket sector as well as purchasing and servicing equipment lease portfolios from banks and other specialty finance companies.
Gary Silverhardt, President and CEO of North Mill EF, views this facility as an opportunity to originate and fund a significant number of leases in the company’s target markets of transportation, construction and materials handling, thereby enhancing the company’s growth.
Mr. Silverhardt stated, “We are very happy that the Wells Fargo team expressed its confidence in North Mill’s industry-leading servicing and collection operating platform by providing this loan facility. It will enable us to expand our equipment leasing activities and to continue to provide customers with the superior service for which we are known.
Stewart Hayes, Senior Vice President of Wells Fargo Capital Finance said, “We are pleased to have completed such important financing for North Mill Equipment Financing. The new loan facility for North Mill will support the senior capital they need to fund loans and leases to their customer base. We are proud to have been able to work with a leading independent specialty finance company like North Mill and look forward to supporting their plans for successful business growth.”
North Mill EF has over 55 years of experience originating equipment leases and loans, as well as purchasing and servicing equipment lease and loan portfolios from banks and other specialty finance companies. As a third-party servicer, the company has the capacity to handle thousands of accounts for multiple parties. Since 2002, Equilease has purchased over 30 lease and loan portfolios representing over $1 billion of asset value.
North Mill EF is a subsidiary of Colford Capital Holdings LLC, a New York City based holding company that is building a diversified and industry-leading specialty finance and asset management business through acquisitions, strategic partnerships and new business development. In addition to North Mill Equipment Finance, Colford owns North Mill Capital, a national asset based lending and receivables factoring company based in Princeton, NJ. Colford is majority owned by Monitor Clipper Partners, a private equity firm that targets growth-oriented businesses with strong management teams and currently manages over $2 billion in capital.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada.