Macquarie Group buys Advantage Funding Management

Macquarie Group Limited is to buy transport leasing specialist Advantage Funding Management from Marubeni America Corporation, with the acquisition becoming a fully owned subsidiary of Macquarie’s Corporate and Asset Finance group (CAF).

The transaction is expected to close in mid-2015, subject to customary closing conditions, but financial terms were not disclosed.

Advantage Funding, based in Lake Success New York, is a leading provider of transportation financing and leasing solutions servicing commercial and vehicle operators, dealers and manufacturers. 

The company’s solutions allow for the acquisition of tow trucks, ambulances, para-transit vehicles, coaches, limousines and vocational trucks across municipal and industrial operations. The funder also provides debt financing for established Buy Here Pay Here/Lease Here Pay Here dealers.

CAF group head Garry Farrell said: “This transaction complements our existing leasing portfolio with a commercial vehicle finance platform in the US. Advantage Funding has a demonstrated track record of client satisfaction and strong operational performance. The acquisition builds on the strong growth of CAF’s global leasing business.”

Advantage Funding’s chief executive officer, Al Damiani, said: “We look forward to working with Macquarie to provide our customers with a broader range of transportation financing solutions and product capacity. Macquarie’s complementary leasing and financing expertise will help us expand our service in US markets and position us to further support our clients’ continued growth.”