Explore NFS Leasing’s equipment finance news.
NFS Leasing is a privately held North American leader in Equipment Finance with more than 18 years’ experience. NFS provides solutions supporting businesses and organizations with challenged credit including early stage, start-up & pre-revenue, financially distressed companies and turn-arounds. NFS uses its own balance sheet capital and provides fast flexible credit decisions.
NFS Leasing, Inc. Reports 16% Year-Over-Year Growth of Originations in 2020
NFS Leasing, Inc. enters 2021 on the back of a record-setting 2020, achieving 16% year-over-year growth of originations.
“The NFS Leasing Team continues to showcase our commitment and passion for serving the challenged credit customer,” says David DePamphilis, Executive Vice President of NFS Leasing, Inc. “This commitment is what allowed us to achieve such growth.”
“Achieving growth during such a challenging year was not easy to accomplish, but our dedicated team rose to the task. As we enter 2021 and look ahead to the possibilities that the new year brings, we look forward to helping our customers grow their business and contributing to the economy as a whole.”
Ashley Whyman Appointed President of NFS Leasing, Inc.
Ashley Whyman, former General Counsel of NFS Leasing, Inc. was recently appointed President of NFS Leasing, Inc. Whyman has a proven track record of partnering with challenged credit customers and business leaders throughout the equipment leasing and finance industry.
After almost a decade practicing law at Boston law firms, Whyman joined NFS Leasing in 2016 as General Counsel to lead NFS Leasing’s in-house legal department. As General Counsel, Whyman oversaw all day-to-day legal affairs of the company and played a key role in maintaining and growing the NFS Leasing portfolio.
“Ashley’s leadership and guidance has been truly transformative. Her legal expertise, business acumen and incredible work ethic has positively impacted every sector of NFS Leasing, resulting in significant contributions to the team’s notable and rapid growth. Her unique combination of professional expertise and innate ability to lead will drive continued success for NFS and our customers as she assumes the role of President,” shares Cliff Rucker, Chief Executive Officer, NFS Leasing, Inc.
As President of NFS Leasing, Inc., Whyman is responsible for overseeing the day-to-day operations of the company, driving growth and managing all key leadership functions.
“I am honored and grateful for the opportunity to lead our committed team at NFS. I look forward to building upon the significant work that we have been doing to provide creative finance solutions and excellent service to our customers and to continuing our commitment to the businesses we serve,” shares Ashley Whyman, President, NFS Leasing, Inc.
NFS Leasing, Inc. Rises to the Challenge to support Crane and Machinery Rental Servicers Accelerated Demand
NFS Leasing, Inc. and Longhorn Corp., have struck an $840K equipment finance agreement that will supply the crane and machinery rental servicer with the equipment needed to support its increase in demand.
Longhorn Corp. provides superior lifting services in the New York Metropolitan area with a focus on safety and customer service. Operating in New York City requires increased insurance obligations and substantial capital investments. Longhorn’s access to both of those is crucial when expanding its business. Recently, its rental demand surged. Already having met the insurance requirements, Longhorn needed capital investment to purchase a supplementary crane to meet the rapid rental demands. This additional equipment would create a significant increase in Longhorn’s monthly revenue.
“At NFS, our success relies on our customer’s success,” says Brett Poteet, Vice President of Business Development at NFS Leasing. “Recognizing the impact this equipment would have on Longhorn’s business, we knew we had an opportunity to create an important partnership with a growing company.”
“It is always a bit exciting and scary when demand rises quickly,” Matt Maidenberg, CEO of Longhorn Corp. expresses. “We knew we had a significant opportunity, but we also knew we needed the right partner to understand our opportunity and allow us to reach it. NFS Leasing did just that. Now with the new crane in house, we are ramping up our operations and are excited to provide more customers with safe, effective, and efficient cranes.”
High Precision Manufacturer with Immediate Need to Upgrade Equipment, Quickly Constructs New Partnership with NFS Leasing, Inc.
NFS Leasing, Inc. has entered a new partnership with ALVA Manufacturing, Inc. to provide upwards of $800K in equipment financing in less than a month to fund automated manufacturing and tooling systems.
ALVA Manufacturing, Inc. produces high precision components and assemblies for the aerospace, medical, and electronics industries. ALVA found itself needing to cut production costs while maintaining production growth which is no easy task, especially on a short timeline. However, it came across automated manufacturing and tooling systems that would allow them to do just that. This equipment funded by NFS Leasing will allow ALVA to immediately decrease production costs while maintaining production growth.
“NFS’ services are notable for many reasons. Speed to complete the financing is most often the critical need and a prominent feature in the services we provide,” says Rich Vassallo, Vice President of Business Development at NFS Leasing. “ALVA came to us with an immediate need for automated systems and we knew we needed to meet that rapid timeline in order for them to succeed.”
“It can be challenging to get agreements like this done on time,” Tam Nguyen, President and Founder of ALVA Manufacturing, Inc. states. “We are grateful that NFS was able to finance the equipment in less than a month and fortunate to have them as a partner. Fulfilling our financing need this quickly has allowed us to stay on schedule for our current and future projections.”
CDC Certified COVID-19 Testing Center Facing Rapid Volume Increase Turns to NFS Leasing, Inc. for Fast Equipment Financing
NFS Leasing, Inc. established a new partnership with COLA, CLIA, and CDC certified laboratory, Premier Medical Laboratory Services (PMLS). The equipment finance agreement totaling just over $2 Million would fill an immediate need for PMLS as it faced increased volume due to COVID-19.
PMLS is an award-winning laboratory headquartered in Greenville, South Carolina. Focused on providing clinically meaningful results to medical practitioners, PMLS offers a wide variety of highly specialized tests including advanced cardiovascular testing, hereditary cancer screening, the first of its kind predictive genetic test for type 2 diabetes, and COVID-19 testing spanning from PCR tests to serology tests. COVID caused a sudden increase in demand, requiring PMLS to face an immediate need for new equipment. Partnering with NFS Leasing allowed PMLS to obtain the equipment and meet demand successfully and quickly.
“Testing requirements and demands have obviously increased because of COVID,” says Rich Vassallo, Vice President of Business Development at NFS Leasing. “Here at NFS we are accustomed to fast-moving agreements and when demand increases so quickly and businesses need to adjust, we will be ready to help them finance their equipment needs.”
“COVID has put a burden on many businesses throughout the country. PMLS is fortunate to be in an industry that could assist in the pandemic and needed to react quickly.” states Kevin Murdock, CEO of Premier Medical Laboratory Services. “We would not have been able to meet efficiency and productivity standards without equipment financing from NFS. They helped us move quickly to ensure that tests would be processed and reported to customers accurately and on schedule.”
NFS Leasing, Inc. Adds Jonas D.L. McCray as General Counsel
NFS Leasing, Inc. is pleased to announce that Jonas D.L. McCray has joined the NFS Leasing Team as Vice President and General Counsel. Jonas is a seasoned corporate attorney with over 20 years of commercial finance, M&A and general corporate experience from his prior roles as a senior attorney at a global law firm and as general counsel of a commercial finance company. Jonas is responsible for providing legal services and advice to NFS Leasing’s executive officers and employees throughout the organization, managing all legal services within the organization, and supporting the company as a senior executive.
“We are thrilled to have Jonas onboard. Jonas’ extensive knowledge and expertise in all aspects of commercial finance and lending, and his business experience from his prior role as a general counsel make him a tremendous asset to the NFS Leasing Team. He has already made a significant impact since joining the company in November,” said Ashley Whyman, President, NFS Leasing, Inc.
Prior to joining NFS Leasing, Jonas was a senior attorney in the Corporate, Restructuring and Bankruptcy groups at Greenberg Traurig, LLP in Boston where he advised institutional and private credit lenders, and sponsor backed borrowers on a wide array of legal matters. Prior to Greenberg Traurig, Jonas was General Counsel and Senior Vice President at Salus Capital Partners, LLC, a commercial finance company focused on providing asset-based loans to consumer product companies.
NFS Leasing, Inc’s. Story Financing Transforms Scrap Metal Processing Business Twin Salvage, with $8 Million Agreement
Twin Salvage launched its scrap metal processing business in 2017, where it began cutting up and liquidating large metal structures such as oil drilling rigs, trailers and steel buildings. Through new partnerships, Twin Salvage continued to grow allowing it to significantly expand its inventory. While an exciting expansion, this required a hefty $8 Million equipment expense. The sizable equipment investment would allow Twin Salvage to build up and support the growth, immediately transforming it into a considerably larger company with a multitude of possibilities.
NFS Leasing, Inc. specializes in complex equipment finance agreements such as the one Twin Salvage presented. NFS Leasing worked attentively with Twin Salvage, listened to their story and determined what their needs were to find a flexible and mutually beneficial equipment finance agreement. This financial partnership allowed Twin Salvage to purchase the equipment immediately, while avoiding heavy monthly fees, something that would help the company more than expected as the COVID-19 pandemic hit.
“No two companies are the same and that means no two NFS Leasing agreements are the same. This was certainly a unique partnership,” says Jon Preiser, Vice President of Business Development at NFS Leasing. “But NFS likes a good challenge and we approach each situation as unique and provide a custom solution. We will continue in partnership with Twin Salvage and look forward to seeing their growth and achievements, immediately, through the pandemic and well into the future.”
“The partnership with NFS Leasing has added incredible value to our business,” states Kile Brendle, President of Twin Salvage. “The equipment we financed, will be transformative, allowing us to go above and beyond our original goals. This transformation is only possible thanks to the NFS Leasing team and the support they provide.”
NFS Leasing, Inc. Demonstrates Continued Focus and Commitment as The Story Lender adding Michael Johnson, Chief Restructuring Officer
Michael Johnson has joined NFS Leasing, Inc. as Chief Restructuring Officer, Equipment Finance. The move demonstrates NFS Leasing. Inc’s. continued focus and commitment as THE Story Lender serving the challenged credit customer, throughout the entire customer lifecycle.
“We’re pleased to welcome Mike Johnson to our leadership team. As a story lender, listening to the customer story and situation to find a customized finance solution, is what we do every day. Carrying that approach through each aspect of the business, including restructuring, is critical to serving our customers in the most difficult of times,” said Cliff Rucker, Chief Executive Officer, NFS Leasing, Inc.
Michael Johnson is an accomplished legal executive with a proven track record of structuring, managing, and closing business acquisitions, asset-based financing, and complex corporate debt financings. Prior to joining NFS Leasing Mike served as Chief Legal Officer, General Counsel, and Chief Compliance Officer at Beacon Rail Leasing, Inc. Earlier in his career he was Managing Director at Amherst Advisors PLLC and Vice President, Senior Counsel at BTMU Capital Corporation.
Mike Johnson can be reached at [email protected] or 978-564-3961.
NFS Leasing Supports Testing Laboratory Facing Increased Demands Amid COVID-19
Existing customer Molecular Testing Labs needed additional laboratory testing equipment fast as demands soared due to COVID-19 concerns. NFS Leasing was able to complete an equipment finance agreement quickly supporting their opportunity to meet the customer’s demand.
Molecular offers products that eliminate the traditional barriers to testing and treatment. Its mission is to provide accessible and innovative laboratory solutions by revolutionizing access to convenient and affordable testing. With the unexpected challenges of 2020, Molecular was forced to react to new testing demands and faced an immediate need for more, unbudgeted testing equipment. They required fast financing with flexibility on their terms, and NFS Leasing was a perfect partner. The equipment financed assists in SARS-CoV-2 antibody testing.
“Healthcare is always evolving to meet consumer demands,” Rich Vassallo, vice president of Business Development at NFS Leasing, said. “Finding partners like Molecular that are leading the revolution in healthcare is a key strategy for NFS. The need to move quickly to capture the opportunity meant fast and flexible equipment financing was a priority.”
“The increase in demand happened almost overnight and we needed to move quickly to seize the opportunity,” Varun Kumar, senior financial analyst at Molecular Testing Labs, said. “NFS understood the situation we were facing, and the team worked diligently to ensure the agreement was completed on time. The agreement was flexible enough to allow us to continue with little disruption to our business. Combining speed and flexibility for an equipment finance agreement is what made NFS Leasing the perfect partner for us.”
NFS Leasing, Inc. Completes Complex Story Financing for Second-Generation Family-Owned Welding and Gas Supply Business
A new equipment finance partnership has been established between NFS Leasing, Inc. and small business Ann Arbor Welding Supply Company. The family-owned and operated firm possessed a complex story that traditional lenders were having difficulty getting comfortable with. Luckily, NFS specializes in story lending and was able to provide Ann Arbor with the financial partner it needed during these complicated times.
Ann Arbor Welding Supply Company originated in 1963, and has been family-owned and operated ever since, with the current owners in place since 1974. It focuses on providing customers with high quality, professional gas and welding equipment and top-notch customer service. The second-generation family-owned operation was in significant need of manufacturing equipment. Upholding their high productivity standards for immediate and impending work was in jeopardy. The equipment financing agreement provides $230K allowing Ann Arbor to sustain and essentially increase its productivity.
“Even businesses that have been around for 60 years need help sometimes,” says Craig Cooper, Vice President of Business Development at NFS Leasing. “It may not be our typical large finance agreement but providing financing and in turn allowing a family-owned business such as Ann Arbor to get the financing they need, is a very rewarding partnership.”
“NFS was a pleasure to work with, as we quickly discovered that they share many of the same values as Ann Arbor,” states Chris Zombor of Ann Arbor Welding Supply Company. “We found that NFS focused on providing good financing and incredible customer service. The team at NFS worked alongside our team and together we were able to come to a solid agreement, where all parties came out the other side happy.”
Underground Construction Company Finds its Equipment Finance Partner in NFS Leasing, Inc.
NFS Leasing, Inc. and Valor Underground have recently completed a third equipment finance agreement in as many months.
Valor Underground is an underground construction start-up founded just three months prior to its first agreement with NFS Leasing. After signing a two-year contract for a construction project, Valor partnered with NFS to fund the necessary equipment to successfully complete the engagement.
“Helping start-ups begin to write their story is part of what makes NFS Leasing so unique as a story lender,” says Michael McClendon, Vice President of Business Development at NFS Leasing. “Continuing to be a part of that story is even more powerful. We value becoming a long-term partner with start-up businesses like Valor and in helping them achieve continued success.”
“Starting a new business was certainly a complicated venture and one that can become very rewarding or unfruitful quickly,” Robert Opsenica, President of Valor Underground. “NFS Leasing has made sure that our story will end with the former being true. When we signed the two-year contract for a new project, we knew we needed to finance the equipment, but as a start-up, it was difficult to get anybody to listen. Thankfully NFS took the time to understand our business and help us find a way to get it done.”