LeaseQ, an online marketplace connecting businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy, and Canadian food service equipment manufacturer group DaVinci Compass Inc., owner of Picard Ovens, Sipromac and Lambertson Inc., today announced a partnership to provide automated equipment financing to restaurant industry borrowers. The partnership signals LeaseQ’s entry into the Canadian food and beverage market, and provides 4,000 dealers across DaVinci’s multi-national dealer network access to the LeaseQ platform for more financing options and increased conversion rates.
The partnership is a milestone for both companies and falls in line with the industry’s trajectory as the equipment finance market is expected to surpass $1 trillion in 2015, according to 2015 State of the Equipment Finance Industry Report, published by the Equipment Leasing & Finance Foundation (ELFF). The group of Picard Ovens, Sipromac and Lambertson represent LeaseQ’s first manufacturer partner in both the Canadian food and beverage market and in the food packaging industry as a whole.
“The food and beverage market is unique in that it requires great flexibility and speed in financing many different types of equipment,” said Cory Damm, vice president and general manager for the Food & Beverage Vertical Market Group at LeaseQ. “Our partnership with Picard Ovens, Sipromac and Lambertson allows us to serve up countless financing options to a strong network of 4,000 dealers—which they can then pass on to their borrowers.”
LeaseQ is the manufacturer group’s first online financing platform partner and represents a transition to a new kind of financing.
“We were offering financing, but it was the old way of doing things,” said Vincent Tourigny, vice president of Picard Ovens, Sipromac and Lambertson Inc. “Our dealers often do business with end users who don’t qualify for traditional financing, and with the LeaseQ solution, we can provide more end users with increased access to new equipment, greater productivity, cost savings and higher profits.”
In celebration of the partnership, LeaseQ is offering 90 days of no payments for all Picard Ovens, Sipromac and Lambertson products purchased directly or through a dealer by the end of the 2015 calendar year, with available financing term lengths up to five years.
LeaseQ is an online marketplace that connects businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments.