Huntington National Bank will acquire Bloomfield Hills-based Macquarie Equipment Finance for approximately $900 million in assets, as well as assuming approximately $630 million of debt, securitizations, and other liabilities, the companies announced today.
“The acquisition of Macquarie Equipment Finance is an important expansion of Huntington’s current capabilities, adding a national technology and healthcare platform to help drive our ongoing growth,” says Stephen D. Steinour, Huntington Bancshares chairman, president, and CEO. “We will be able to now provide broader credit solutions helping corporate and middle market businesses to grow. Importantly, we will also extend our asset finance capabilities to small businesses throughout our region as a result of the acquisition.”
Macquarie Equipment Finance specializes in financing, asset management, equipment trading, and asset services.
According to Huntington, the acquisition will be seamless for customers, and the executive management team will remain in place. Huntington will gain 165 employees as part of the transaction.
As a leading equipment finance solutions provider, Macquarie Equipment Finance fits nicely into Huntington’s overall portfolio, says Rick Remiker, Huntington’s commercial banking director and the senior executive overseeing the equipment finance operation.
“We have organically grown Huntington Equipment Finance by more than 200 percent over the past five years,” Remiker says. “We look forward to further growth opportunities in partnership with our new executive leaders following successful completion of the acquisition.”
Columbus, Ohio-based Huntington’s most recent acquisition in Michigan was 24 Bank of America branches in September. The Macquarie acquisition is expected to be completed by March 31.
