Mitsubishi HC Capital America and its subsidiary Mitsubishi HC Capital Canada, as well as Mitsubishi HC Capital (U.S.A.) and ENGS Commercial Finance, merged to create a North American non-bank, non-captive finance provider with more than $7.5 billion in owned and managed assets. Craig Weinewuth, former president and CEO of ENGS Commercial Finance, will be the president and CEO of the combined company.
“The expanded scope and size of this integrated business positions us to deliver even more to our customers and financing partners,” Weinewuth said. “Our growth potential throughout North America and the service level enhancements were the main drivers of this merger. Joining forces benefits the market in numerous ways; from our advanced digital capabilities, an enhanced and larger team of finance professionals, and the ability to create one platform that delivers the most comprehensive products and services to the entire North American market. We truly are better together.”
The integrated company will go to market in the United States as Mitsubishi HC Capital America and in Canada as Mitsubishi HC Capital Canada. Mitsubishi HC Capital America will have two primary operating businesses: 1) a $3.9 billion vendor solutions business which will be led by Jim Freund, formerly from ENGS, who will be its new president, and 2) a $1.6 billion commercial finance business, which will be led by Brian Rosa, formerly from Mitsubishi HC Capital (U.S.A.), who will be its new president. Mitsubishi HC Capital Canada’s $2 billion business will continue to be led by its current president, François Nantel.
The vendor solutions team, through its new integrated offerings, will provide solutions for the commercial equipment industry. This includes, but is not limited to, financing Class 1-8 trucks and trailers, industrial, construction, healthcare, franchise, fitness and IT equipment. The business also has a sustainable development group, with a main objective of partnering with businesses to deliver customized solutions to support the global environment.
“A fundamental aspect of our mission as we work with existing customers and build relationships with new ones is not only to better their business, but to better our communities and wider society,” Weinewuth said. “Our company is hyper-focused on engaging in activities that seek to resolve environmental, social and economic issues through the projects we finance. To this end, we have committed a team of employees to focus on displacing our carbon footprint and prioritizing renewable energy and energy efficiency.”
“The vendor solutions business will bring a cohesive and targeted approach in bringing new products to market and a seamless experience for customers, vendors and partners,” Freund said. “Through these capabilities, the vendor solutions business will provide complete financial servicing for companies looking to grow their business and will enhance these offerings with complementary products such as competitive floorplan financing, solutions to acquire and update equipment, proprietary technologies to streamline and automate processes and many more capabilities.”
In his new role as president of the commercial finance business, Rosa will lead a team providinglending capacity to businesses across the United States with an emphasis on working capital, asset-based loans, trade finance and structured finance leases and loans.
“Clients can now enjoy access to a full suite of services designed to provide solutions across the whole value chain,” Rosa said. “Our team is comprised of experienced and respected finance veterans across the United States and Canada who are skilled in constructing customized solutions to meet specific customer needs.”
The company will also utilize Mitsubishi HC Capital Canada’s track record in equipment and commercial financing solutions throughout Canada and utilize its cross-border capabilities to deliver North American solutions to vendors, customers and partners.
“We will be able to leverage the best practices and products including our North American digital tools, allowing customers to experience maximum flexibility, speed and access to the company’s greater lending capacity as the largest non-bank/non-captive finance company across North America,” Nantel said.
Other changes to the company include the retirement of Ryan Collison, former president and CEO of Mitsubishi HC Capital America. Ryan joined Mitsubishi HC Capital America in 2005 and has held positions as senior vice president of operations, chief credit officer and chief information officer.
Other leaders named to new positions within the newly integrated company include:
- Mark Duncan, Executive Vice President and COO
- John Vande Moore, Executive Vice President and CFO
- Takahiro Sohma, Head of Japan Desk
- Dan Canine, Executive Vice President and General Counsel
- Christopher Johanneson, Executive Vice President and Chief Digital Officer
- John Carroll, Executive Vice President and Chief Credit Planning Officer
- Sue Santos, Executive Vice President and Chief Credit Officer
- Rob Carron, Executive Vice President and Chief Information Officer
- Kirk Mann, Executive Vice President and Head of Transportation and Vendor Solutions
- Doug Hirai, Executive Vice President and Chief Governance and Compliance Officer
- Terry Hatfield, Executive Vice President and Chief Operational Excellence Officer
- Joni Kovac, Executive Vice President and Chief Human Resources Officer
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Editor’s Note: The original version of this article incorrectly identified Mitsubishi HC Capital (U.S.A.) and ENGS Commercial Finance as subsidiaries of Mitsubishi HC Capital America. The article has since been corrected. ABF Journal apologizes for the error.
