WINNIPEG, MB, May 23, 2024
/CNW/ - Sonoma Capital Corp. ("Sonoma") announces a strategic
investment by The Megill-Stephenson Company Limited ("Megill")
becoming the second largest shareholder in the business.
Since launching the business in 2022, Sonoma has attracted some
of the most talented people in the Canadian equipment finance
industry, which has allowed the business to grow rapidly across
Canada.
Megill's investment provides more than capital; it
signals a confidence in the industry and a belief in Sonoma's
future as Winnipeg's Chipman
family makes its return back into the equipment finance market.
Megill's involvement will include the addition of key senior
executive board members supporting Sonoma's mandate of growth while
accelerating immediate investments in technology, people,
relationships, and enhanced funding capacity.
This strategic partnership enhances the reputation of Sonoma and
Geminus Acquisition & Management Inc. ("Geminus"), parent and
majority owner of Sonoma, while also facilitating Megill's re-entry
into the equipment finance market. Brad
Peacock, President and Chief Investment Officer, and
Paul Beatty, Chief Financial
Officer, both of Megill will be joining the board of directors
alongside, Randy Smyth, Chief
Executive Officer, Aaron Van Hoevelakk, Chief Finance Officer, both
of Geminus, and Michael Dubowec,
President of Sonoma.
"We are excited about the opportunity to re-enter the equipment
finance space through our partnership with Sonoma. Over the past
few years, Sonoma has built an outstanding reputation for customer
service, employee culture, and brokerage and lending relationships.
Moreover, Sonoma shares many of the same values as Megill's other
companies. We have full confidence in the senior leadership team as
Sonoma embarks on its next stage of growth and we look forward to,
once again, making our mark on the Canadian equipment finance
scene," said Jeoff Chipman, Chairman
of Megill.
"After previously spending twenty successful years with the
Chipman family in the Canadian equipment finance market, we know
how exciting this partnership is moving forward to support Sonoma
as a leader in our industry. We are fortunate this partnership
aligns us both financially and reputationally creating synergies
between both companies and leveraging our employees to be
successful. This new partnership will allow us to further attract
talent, enhance operational efficiencies, and further support our
clients, suppliers, brokers, and securitization partners, into the
future," said Michael Dubowec.
Randy Smyth added, "I have always
been impressed with the Chipman family and their long-term
successful track record in the equipment finance market. They grew
their enterprise in Winnipeg to
become a national firm and award winning, best managed company in
Canada. They always created the
best culture and people, while staying true to their humble
beginnings while treating their employees and clients with respect.
With Sonoma's head office in Winnipeg,
MB, and the deep history of the Chipman family in the
equipment finance industry, it is a natural partnership we are
excited to announce. I look forward to working with our new board
members and entire Megill team as it feels like a homecoming for
all of us."
"It is a very rare opportunity to get back into an industry
where you have had success in the past, with people you know and
trust, who have a demonstrated track record of growth. The most
impressive part of Sonoma is the tremendous culture they have built
with their team. That was evident as we spoke with many members of
their group. We are very proud to be partners with everyone at
Sonoma and are looking forward to the next stage of growth for the
Company," said Brad Peacock.
About Sonoma Capital
Corp.
Sonoma Capital is a coast-to-coast Canadian equipment
finance lessor offering a full range of finance services to
businesses in the prime credit market space. Sonoma's
operational head office is headquartered in Winnipeg, MB with an office in
Calgary, AB, Montreal, QC, and Fredericton, NB, with a Canada-wide sales force and broker network.
Sonoma also supports a wide array of industries, assets, and
markets with a niche, service-oriented client focused approach.
About The
Megill-Stephenson Company Limited
The Megill-Stephenson Company Limited is the holding company for
the Chipman family of Winnipeg, MB
and it has significant investments in automotive, retailing, sports
& entertainment, real estate, healthcare, and a variety of
other private and public investments. They are also well known
within the equipment finance industry, founding one of Canada's most successful leasing businesses.
The business grew over thirty years to become Canada's largest independent finance company
before selling the business to a Canadian bank in 2009.
About Geminus Acquisition &
Management Inc.
Geminus is an independent Canadian financial company that
provides consumers and commercial lending solutions across various
asset types and credit classes. Headquartered in Calgary, AB, affiliates of Geminus include
Arundel Capital, a non-prime equipment leasing business, Sonoma
Capital, a prime credit provider of equipment leases, Solution
Financial Inc., a luxury auto leasing business that focuses on
leasing to international students, and Geminus Servicing Inc.,
providing standby and active servicing, winddown of portfolios,
portfolio reporting, related tax, audit, and compliance services on
behalf of financial institutions.
SOURCE Geminus Acquisition & Management Inc.