Toyota Industries acquires LiftCapital, with eye to enhance sales finance business in Canada
TORONTO--Toyota Industries Corporation completed the acquisition of LiftCapital Corporation/ Corporation LiftCapital, the 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, is expected to leverage 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.
For 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.
The new company is to be renamed Toyota Industries Commercial Finance Canada, Inc, with a management team of President & Managing Director: Chris Sadler, EVP & CFO: Doug Chau. The Board of directors will consist of Dave Crandall (Chairman), President, TIGCF; Chris Sadler, Managing Director, TICF-Canada; Jeff Ruferner, President, Toyota Materials Handling, USA; Roger Sutton, President, Liftow Limited; and, Troy Graziani, Director, TIGCF International Operations.
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, will create greater synergy and allow for growth and improved cross border service for their customers, the company said.