TROY — Crestmark and Bloomfield Hills-based TIP Capital today announced that they have entered into an agreement for Crestmark to acquire TIP Capital’s equipment leasing and asset management business. Terms of the agreement were not disclosed.
The acquisition is scheduled to be completed later this month, pending final governmental approval. The resulting entity will be a wholly owned subsidiary of Crestmark Bank named Crestmark Equipment Finance Inc., a Crestmark Bank Company. The division will continue to operate under the TIP Capital name and out of its current locations to ensure continued strong service quality.
The move will continue to broaden Crestmark financial solutions into the equipment leasing space. TIP Capital is one of the leading independent providers of equipment finance and asset management solutions, with a particular expertise in providing flexible vendor financing programs.
“The continued diversification and growth of the Crestmark team of companies allows us to further strengthen the economic growth of industries and businesses that we serve,” says W. David Tull, chairman and CEO of Crestmark. “This acquisition will provide benefits to Crestmark clients, TIP Capital clients and will provide both companies with increased resources,” Tull says.
“Joining the Crestmark family represents a great opportunity for TIP Capital, our clients and our employees. Our ability to access the resources of Crestmark will allow us to more efficiently service our clients and will allow for our further growth,” says Scott Grady, TIP Capital president. “It will also allow us to expand the suite of financial solutions that we can provide our customers.”