Patriot Equipment Finance launches with new leasing approach

Three industry veterans with over 75 years’ collective experience of working at mid-ticket lessors and banks have formed a new equipment finance company, Patriot Equipment Finance, which will focus on key vertical markets such as energy, construction and mining industries.

Anthony Salm, who is president of the new operation, Scott Glover, executive vice president of sales and operations, and Hank Lee, chief operating officer, said the idea to start up the company was born out of a celebratory weekend for one of the trio in Las Vegas. During their time in the industry, the three calculate they have financed over $1.5 billion in capital projects in a range of sectors from aviation to energy.

“We know many of the major players in these vertical markets, and we also know what funding sources have an appetite for based on their current credit situations. And, we also understand the collateral they are trying to finance,” explained Salm. “It was no surprise that a consortium of oil and gas investors wanted to invest in us and our books of business. With our new investors, we knew we could fund transactions from private equity and go beyond the super broker model with these investors.”

Salm said the company intends to offer a different style of approach from what he described as the typical equipment leasing company model based on low rates and fast credit decisions.

“We wanted to form a company that went beyond the core competencies of what the major players in the industry were providing, so we set out to define the areas that made us successful in the corporate world,” Salm added.

Patriot Equipment Finance aims to provide value to corporate CFOs by offering creative lease finance tools to assist them in their strategic planning. The company will evaluate how equipment finance plays a role in helping CFOs build and communicate the company’s values. This, in turn, will help build rapport with analysts and investors, while creating trust in the CFO, the numbers they report, and their companies. Patriot Equipment Finance will help educate CFOs on how a resourceful leasing partner will allow them to work more effectively as a team with the COO, CEO, and others on the management team.

“It’s simple. Patriot Equipment Finance is a partner that integrates well with our customers and the industry’s we serve,” explained Salm. “We know the true value of these relationships and we want to build a company around that.”

Also onboard with the new venture are two Cleveland-based business analysts. Patriot Equipment Finance has its corporate office in Strongsville, Ohio, with sales offices in Pittsburgh, and Los Angeles.