Verdant Commercial Capital, LLC of Cincinnati announced it has acquired Intech Funding Corp. of Monrovia, Calif. Intech is focused on financing and leasing for manufacturing companies nationwide.

Intech will operate as a wholly owned subsidiary of Verdant and maintain its operations in Monrovia.  All of Intech’s employees will continue in their current roles and capacities, including Jeff Glikman as President and Ric Rivett as Senior Vice President. This acquisition will give Intech opportunity for more growth along with a stronger capital base to expand. Intech is one of the leaders in machine tool financing with over $1 billion in lending for manufacturing companies since 1995.

“I believe Intech and Verdant will be a powerful combination with greater strategic depth than we could have accomplished on our own,” Glikman said. “The combination benefits our customers, vendors and employees thus positioning Intech to be an even greater force in the marketplace.”
 
Verdant is led by Mike Rooney and a management team that helped grow PNC Equipment Finance into one of the largest equipment finance companies in the country. Verdant operates in five principal markets: technology, office products, energy efficiency, specialty vehicle and industrials.  Verdant features a substantial capital base, significant lending capacity and now a shared vision with Intech to become an even greater force in the Industrials market.

“I’ve long admired the way Jeff and Ric managed Intech. Their reputation in the machine tool market is unsurpassed and well-deserved. Adding like-minded professionals, like the Intech team, that are focused on providing superior support to customers and vendors is what Verdant is all about,” said Rooney, CEO of Verdant. “We look forward to continuing the Intech success story”.

Verdant’s acquisition of Intech closed on June 29.  No financial terms were disclosed. 

The Alta Group initiated this transaction and served as exclusive financial advisor to Intech Funding Group.