Daily News: February 7, 2013

Somerset Capital Sees Strong 2012; Launches ‘Project Renew’

Somerset Capital Group said 2012 was its second best year for new lease originations and its best year for revenue production and announced the launch of an internal initiative dubbed ‘Project Renew,’ which entails a comprehensive review of each facet of the organization with the goal of improving processes, creating greater efficiency, reducing overall operating and financing expenses, enhancing information flow and augmenting effectiveness in revenue generation.

Somerset said that on the first business day of the new year, it consummated a refinancing of a portion of its debt, generating immediate and significant interest savings while availing itself of a more flexible funding structure than the retired debt facility.

The company said it is poised to achieve its most active first quarter in its history in 2013, with each of its business units projecting steady improvement in activity. Evan Bokor, president and chief executive officer of Somerset noted, “The combination of solid revenue growth and operational improvements produced by Project Renew set us up well for a very positive and productive 2013.”

Bokor added, “Competition in our industry is intense. It is incumbent upon all organizations in our space leave no stone unturned in improving efficiency and operational effectiveness. Project Renew engages all areas of our company in these efforts with the goal of achieving significant companywide improvements.”

Headquartered in Milford, CT, Somerset was established in 1984 and offers equipment leasing, rental and asset management solutions. The company’s primary operations are in the U.S., with additional operations in Canada, England, Singapore and Taiwan.