Pivotal Capital, a wholly-owned subsidiary if Axis Auto Finance, secured $55 million in funding facilities from Mitsubishi HC Capital Canada.
Pivotal Capital is an independent Canadian commercial equipment finance company active across the transportation, construction, manufacturing and food services sectors. The facility adds to Pivotal Capital’s existing funding relationships.
Highlights of the facility from Mitsubishi HC Capital Canada include a purchase facility with capacity of up to $50 million in annual purchases and a warehouse facility with a limit of $5 million. Pivotal Capital will use the facility to finance and purchase the payment receivables generated from commercial finance contracts.
“The addition of this facility means that Pivotal has on balance sheet funding capacity in excess of $100 million. This will drive our aggressive growth plans for fiscal 2023 and continue our national expansion. This is the next step in becoming Canada’s largest independent equipment finance company,” Steven Koster, president of Pivotal Capital, said.
“Adding the $55 million in funding is an important strategic step for Pivotal,” Todd Hudson, CEO of Pivotal Capital, said. “As Pivotal’s presence in the market grows, expanding our lending capabilities is crucial. This facility will enable Pivotal to pursue even greater market share.”
“We are proud to be part of Pivotal’s growth strategy,” François Nantel, president of Mitsubishi HC Capital Canada, said. “Pivotal is a significant player in the equipment finance industry and we believe this will be a mutually beneficial relationship.”
