ATLANTA -- Patriot Capital Corp., in conjunction with its banking partner, has arranged the successful purchase of $50 million of the retail petroleum equipment leasing portfolio from National City Petroleum Capital, a division of National City Commercial Capital.
The portfolio is comprised of equipment leases that were originated under the operating names Capital Lending Services, PFG Petroleum Finance, and National City Petroleum Capital.
Chris Santy, managing director of Patriot Capital, said that purchasing the portfolio allows us to ensure quality service and provide existing customers with a funding source that is dedicated to continuously serving their needs and the needs of the industry. In addition, it also allows our manufacturing partners to retain control of their customer base and take advantage of equipment and lease upgrade opportunities.
Patriot Capital, founded in October 2000, focuses primarily on providing equipment leases and loans for the retail petroleum market. It also offers financial services for refinancing existing debt. The portfolio contains more than 1,200 leasestherefore, affecting more than 1,200 station owners/marketers, the company saidnationwide, comprising more than 800 borrowers.
Closing on this portfolio positions Patriot Capital Corp. as the industry leader in retail petroleum equipment leasing and speaks to our continued financial commitment to the industry, said Santi. Most importantly, it gives our lessees, equipment distributor customers and manufacturer partners a reliable, industry-focused source of capital to help grow their business.
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