Founded in 1998, Summit is a general equipment lessor and an industry specialist with a focus on the convenience store, technology, dental and manufacturing sectors.
Alliance Funding Group, based in Tustin, CA, is an independent specialty finance company with core strengths in small ticket and middle market equipment leases and short-term working capital solutions. In addition to its headquarters in Orange County, Alliance Funding Group also has operations and sales offices in Portsmouth, NH, and Tacoma, WA, and a sales office in Los Angeles.
“I am very excited about our partnership with AFG and the alignment of two companies that will originate over $200MM in its first year,” Scott Forrest, founder and president of Summit Commercial Finance. “Summit will be able to leverage the resources of a larger company while bringing to AFG a tenured sales platform in the Southwest.”
The acquisition brings together an established sales team in the Southwest with more than 22 years of experience and a collective sales organization that is national in scope with expertise in small ticket, middle market and working capital products.
“Both culturally and synergistically, this combination creates a specialty finance and working capital platform that is poised for real growth and success,” Brij Patel, founder and CEO of Alliance Funding Group, said. “I have known Scott Forrest for many years through the industry and I’m truly excited to have someone of his caliber along with Summit’s organization to add to AFG’s current tenured sales team. Starting with a baseline of $200MM in originations along with income-accretive structured finance and working capital products, we like our chances in the competitive equipment finance landscape.”