TORONTO, May 17, 2017 /CNW/ - Toyota Industries
Corporation (hereinafter "TICO") completed the acquisition
of LiftCapital Corporation/ Corporation LiftCapital (hereinafter
"LCC"), a Canadian sales financing company which provides
financial services and solutions to lift truck dealers and other
customers throughout Canada.
By acquiring the financial assets and human resources of LCC,
TICO, through the operational leadership of its subsidiary company
Toyota Industries Global Commercial Finance (hereinafter
"TIGCF"), is attaining the knowledge of customer financing
solutions that LCC has built over the past 15 years. This will
enable TIGCF to strengthen its operations in North America, and allow it to continue the
global expansion of its sales financing business in the future.
Details
1. Overview of the operations and assets acquired:
|
1)
|
Target of
acquisition:
|
financial assets,
business rights, infrastructure, etc.
|
|
2)
|
Effective Date of
acquisition:
|
May 1,
2017
|
2. Reasons for LCC's acquisition of operations and assets:
With regard to the sale of industrial vehicles in Canada, in order to cater to customer and
dealer needs for lease, rental and wholesale financing products,
TIGCF acquired LCC and its existing operations. More specifically,
through this acquisition TIGCF intends to strengthen collaboration
with dealers through implementation of new wholesale financing
programs and maintain long-term relationships with end customers
through a competitive offering of retail financial solutions.
Additionally, TIGCF intends to expand and offer new financial
products and services in Canada
similar to those provided in the U.S.
3. Overview of LCC (prior to acquisition)
|
1)
|
Company
Name:
|
LiftCapital
Corporation/Corporation LiftCapital
|
|
2)
|
Head Office
Location:
|
Toronto, Ontario,
Canada
|
|
3)
|
Name of
Representative:
|
President &
Managing Director: Chris Sadler
EVP & CFO: Doug Chau
|
|
4)
|
Employees:
|
15
|
|
5)
|
Primary
Business:
|
Origination and
management of sales finance operations for materials handling
equipment and other lines of business throughout Canada
|
4. Overview of NewCo (post-acquisition)
|
1)
|
Company
Name:
|
To be renamed Toyota
Industries Commercial Finance Canada, Inc.
|
|
2)
|
Management
Team:
|
President &
Managing Director: Chris Sadler
EVP & CFO: Doug Chau
|
|
3)
|
Board of
Directors:
|
Name
|
Primary
Position
|
|
Dave Crandall
(Chairman)
|
President,
TIGCF
|
|
Chris
Sadler
|
Managing Director,
TICF-Canada
|
|
Jeff
Ruferner
|
President, Toyota
Materials Handling, USA
|
|
Roger
Sutton
|
President, Liftow
Limited
|
|
Troy
Graziani
|
Director, TIGCF
International Operations
|
|
4)
|
Stock ownership
(100%):
|
TICO
|
5. North America Operational Structure
With the acquisition, TIGCF will now be operationally
responsible for all Toyota sales finance activities in North America through three individual
entities in the U.S., Canada and
Mexico. The operational structure, shown graphically, will
create greater synergy and allow for growth and improved cross
border service for our customers.
6. Forward-Looking Statements
This press release contains forward-looking statements regarding
TICO and the new company, such as projections, goals, plans, and
strategies. These forward-looking statements do not guarantee
future results and are based on known or unknown risks,
uncertainties, and other factors that could cause TICO or the new
company's actual results, development, or financial conditions in
the future to differ materially from those indicated in this
release. These forward-looking statements contain the words
"anticipates," "aims to," "plans to," "there is a possibility
that," and similar expressions and in particular, statements
containing such words as "projection," "goal," "plan," and
"strategy." Many factors may cause future results to differ
materially from those set forth in these forward-looking statements
described in this press release. These factors include but are not
limited to the risk that the regulatory or other conditions
necessary for completing the acquisition will not be satisfied, the
effect of changes in the legal system or accounting standards
affecting the parties or the business environment, issues in
executing business strategies, the effect of financial instability
or fluctuations in general economic conditions or industry
conditions, and other risks related to the completion of the
acquisition. Except as explicitly required by law, neither TICO nor
the new company is under any obligation to update any
forward-looking statements to reflect new information, future
events, or other circumstances. The forward-looking statements
contained in this release are subject to these conditions.
SOURCE Toyota