Great Elm Capital launched Great Elm Utica, a joint venture between Great Elm Capital and Utica Leaseco, to co-invest in proprietary equipment financing transactions sourced by Utica Leaseco.
Founded in 2005, Utica Leaseco provides equipment loan and lease options for businesses in the United States.
The transaction remains subject to the approval of Utica Leaseco’s senior lender.
“We are pleased to announce this joint venture with Utica, which enhances our ability to offer one-stop-shop financing alternatives for small and mid-sized businesses,” Michael Keller, president of Great Elm Specialty Finance, said. “We look forward to working with the Utica team to grow GEU as we continue to expand GECC’s specialty finance platform.”
“We are excited to enter into this joint venture with GECC and believe that this vehicle will allow us to offer additional products to middle-market businesses and, with GECC’s access to capital, execute on larger equipment financing transactions,” David Levy, co-founder and CEO of Utica Leaseco and president of Great Elm Utica, said.
