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GE COMMERCIAL FINANCE ACQUIRES IT FINANCING COMPANY
09 April 2006 - AZDEL
| GE Commercial Finance, the business-to-business financial services unit of the General Electric Company, announced today it has reached an agreement to acquire the IT leasing business of Bay4 Capital, LLC, an independent information technology lessor. |
With the acquisition of Bay4 Capital, GE Commercial Finance will offer new and existing customers a variety of financing options to help them acquire a broad range of technology assets, including hardware and related software and services. The new business will be called GE Commercial Finance, Technology Finance and will be integrated into GE Commercial Finance, U.S. Equipment Financing, one of the leading suppliers of middle market financing for public and private companies in the U.S.
"The IT equipment financing space is the fastest growing segment of the capital equipment market," said Mike Neal, President and CEO, GE Commercial Finance. "The addition of a strong IT financing platform within GE Commercial Finance complements our wide range of existing financing products and is very much in line with our growth plans for 2005 and beyond."
Founded in 1999, Bay4 Capital provides technology and related equipment financing solutions. The company was founded by Clay M. Biddinger, who previously founded Sun Financial, a leading IT leasing company which he sold in 1995. Bay4 acquired all the assets of Comdisco's IT leasing business. In that year, Joseph C. Lane, former President, IBM Credit Corp. and Group Executive, IBM Global Financing, joined the company as Vice Chairman. Mr. Lane will be joining GE Commercial Finance as CEO of Technology Finance and Mr. Biddinger will be joining as President, Technology Finance.
"We are very excited to become a part of GE Commercial Finance," Lane said. "While our company has enjoyed terrific momentum and success, we believe it will be better positioned for growth within the GE Commercial Finance portfolio. Our current and future customers will enjoy the combination of technology-oriented skills and products with the tremendous resources of GE Commercial Finance."
"Bay4's seasoned leadership team delivers the market knowledge and emerging technology skills necessary to add value to customers," said Michael Pilot, President, GE Commercial Finance, U.S. Equipment Financing. "Combining our coast-to-coast sales coverage with the IT experience and knowledge of Bay4 better positions us to pursue the annual $30 billion IT leasing market - and ultimately better serve our customers by addressing all of their IT financing needs."
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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