Warburg Pincus acquired Ascentium Capital, the third largest private-independent equipment finance company in the U.S. by origination volume, according to Monitor‘s 2016 Top Private Independents ranking. Ascentium CEO Tom Depping will continue to lead the company.

Ascentium offers a suite of financial products that cater to the capital needs of small businesses. The company provides vendor financing where it partners with manufacturers, distributors, resellers and franchise organizations to finance the equipment and technology purchases of their small business customers.

The company also has a growing direct to end-customer business where it directly finances small businesses. Since its founding in 2011, Ascentium has provided over $2 billion in financing.

“We are pleased by the endorsement of our business model and growth prospects demonstrated by Warburg Pincus’ acquisition. We continue to be laser focused on better serving our vendor partners and small business customers with ongoing innovation to our financial products and service solutions,” commented Depping. “The increased access to capital combined with the expertise Warburg Pincus has in the specialty finance sector will benefit our equipment vendors, small business customers and our employees.”

“We plan to continue expanding on the investments the company has made in building an industry-leading financing platform to drive their differentiated approach from traditional small business lending through their unique combination of technology, excellent customer service, speed and flexibility,” said Michael Martin, managing director, Warburg Pincus.

Ascentium was advised by Goldman Sachs as financial advisor and Vinson & Elkins as legal counsel. Warburg Pincus was advised by Keefe, Bruyette & Woods as financial advisor and Cleary Gottlieb Steen & Hamilton as legal counsel.