Hitachi Capital America Corp. (HCA) signed a definitive agreement to purchase Creekridge Capital, a healthcare and IT-focused vendor finance company based in Edina, Minnesota. Creekridge hasbeen a trusted business partner of HCA since 2009. The transaction, which is expected to close in June, will add assets of over $300 million and will expand HCA’s vendor finance capabilities for its business partners, including the Hitachi group companies.
HCA’s decision to acquire Creekridge Capital’s business platform is supported by the firm’s strong expertise in financing healthcare, IT, and other products in the vendor finance space. “We are thrilled at the prospect of bringing the highly experienced Creekridge team under the Hitachi umbrella,” said Mark Duncan, Senior Vice President and General Manager, HCA-Commercial Finance. “We expect the Creekridge platform to play an integral role in our strategy to deliver national best-in-class vendor finance solutions in North America.”
This acquisition allows HCA to continue to grow its Commercial Finance product offerings, which include trade finance, factoring, asset based lending, and equipment finance with specializations in IT, clean technology, and healthcare. HCA has been expanding its business lines in North America through both organic growth and acquisitions which include the 2012 acquisition of Hennessy Business Finance and 2014 purchase of CLE, a Canadian equipment financing company.
Gregory Larson, Creekridge Capital Co-CEO, stated “Joining the Hitachi family of companies represents a significant opportunity for Creekridge Capital, our vendors, and our employees.” Jeff Cowan, Creekridge Capital Co-CEO, will continue in the leadership role as President of HCA’s vendor finance business added “This transaction acknowledges the premium platform we have built here at Creekridge. Adding the Hitachi brand and deep resources to our already dynamic and compelling vendor services platform has created a very disruptive financial solutions provider in the market.” Jeff Cowan will be responsible for leading HCA’s vendor business, reporting to Mark Duncan. Jeff will be supported by Jim Teal, who will continue in his role as COO and veteran of Creekridge Capital. Greg Larson will work with HCA to focus on further enhancing its vendor business strategy.