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’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.
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 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.”
NFS Leasing, Inc. Helps Existing Customer Expand Its Business to Hand Sanitizer Production
NFS Leasing, Inc. has extended its existing partnership with customer RPP Products, Inc. to help fund an expansion into a new line of business, manufacturing hand sanitizer.
RPP Products, Inc. is an automotive manufacturing and distribution company primarily focused on providing private label oil additives. However, during the COVID-19 pandemic it quickly created a new business line focused on meeting the increased demand for hand sanitizer. This new business line was created under the brand name, Premier Pure.
“With many businesses struggling to survive and retain their employee base, it is more important than ever for businesses to reevaluate their business strategies. Taking a new approach and expanding into a new line of business is not only a great way for businesses to succeed, but also to provide an essential service during these uncertain times,” says Dean Oliver, Principal at NFS Leasing, Inc. “We were ready to help our customer RPP Product, do just that.”
“At RPP we have been working closely with NFS Leasing for just over a year now and the partnership has proven to be extremely valuable,” Eric Zwigart, CEO of RPP Products stated. “When we saw an opportunity to expand our business while helping the general public stay safe and healthy through these hard times, NFS was there to help us get it done and we are extremely grateful for that.”
NFS Leasing, Inc. Supplies Plastic Recycling Start-Up with Equipment Financing to Occupy Facility and Commence Operations
NFS Leasing, Inc. and start-up plastic recycling company, Pike Plastics Recycling, LLC, have established an equipment finance partnership that allows the start-up to launch operations with necessary recycling equipment.
Pike Plastics was established in late 2019 with the goal of keeping plastic out of landfills. It needed a financial partner that could work with a pre-revenue start-up and understand the financial need and complexity of the business. It also needed a partner who was responsive and fast. NFS Leasing specializes in equipment financing for start-ups, pre-revenue businesses as well as, challenged credit companies, and companies in turnaround.
“Start-up businesses can require complex structures from a credit perspective,” says David Denniss, NFS Leasing’s Vice President of Sales, Canada. “However, when a start-up has a solid business plan and structure to pair with a great cause, it makes it easier for the NFS team to construct a deal that benefits both parties. We are proud to support Pike Plastics in its journey to rid landfills of unnecessary plastic.”
“NFS Leasing was incredibly helpful through the process. Their transparency allowed us to be comfortable upon completion and launch operations knowing we will have the equipment we need,” Charles Niehaus, Principal at Pike Plastics remarks. “The ability to fulfill our facilities equipment needs will allow us to stay on schedule and begin working toward and accomplishing our goals.”
Partnership Between NFS Leasing, Inc. and Gro-Well Brands Inc. Blossoms this Spring with Expanded Equipment Finance
NFS Leasing, Inc. and Gro-Well Brands have reached an agreement to expand their equipment financing relationship. NFS Leasing has financed over $1.1 MM of manufacturing equipment for Gro-Well’s production of natural and organic products.
Inspired by nature and motivated to help create a better environment, Gro-Well produces all natural and organic products from waste that would otherwise end up in landfills. Infusing capital to help North American businesses grow and thrive is what NFS Leasing is known for.
To meet the demand of its own growth, Gro-Well added manufacturing automation and production capabilities in several of its production facilities located across the Southwestern region of the United States. This required $475,000 of additional equipment which finance partner, NFS Leasing provided.
Brett Poteet, Vice President of Business Development at NFS Leasing noted, “NFS Leasing’s business is built to support companies we believe in. Witnessing Gro-Well’s growth over the past 10 months is rewarding and continuing to help them get to the next stage in their development is what NFS is all about.”
“NFS has been a very supportive partner for Gro-Well and we are excited that they continue to support the business,” says Dave Hancock, Gro-Well’s Chief Executive Officer. “As we continue to expand our business, we continue to seek greater efficiencies through automation and process improvement. NFS is helping us achieve these important goals.”
Equipment Finance Leader, NFS Leasing, Inc. Provides Critically Needed Funding to Gravity Diagnostics for COVID-19 Testing
NFS Leasing Inc. a Beverly, Massachusetts leader in equipment finance has partnered with Gravity Diagnostics, a state-of-the-art CLIA laboratory providing innovative laboratory services including testing of COVID-19. NFS Leasing has financed a total of $2.2MM to date for Gravity Diagnostics.
As the outbreak of COVID-19 has rapidly spread across the world and into the U.S., so has the discussion on COVID-19 testing availability, including materials and equipment to support that testing.
“Different people and businesses have different roles to play in a crisis such as COVID-19. For Gravity that role is to assist in ensuring that Americans have rapid testing and results, as ordered by a licensed clinician,” says Tony Remington, CEO of Gravity Diagnostics. “In the past we have partnered with NFS Leasing to help fuel our growth. This time we specifically needed NFS to quickly help finance Thermo Fisher systems that enable testing for COVID-19. Once again, NFS helped us find a finance solution fast.”
“These are obviously unprecedented times for many businesses and when we heard Gravity’s story and its urgent need for equipment finance to meet testing demands, we took immediate action to get it done quickly,” states David DePamphilis, Executive Vice President Sales at NFS Leasing. “As a story lender, we listen to customers that are in unique situations and in need of critical equipment finance, every day. Supporting Gravity in this particular situation is something the NFS Team is extremely proud of. We hope that this equipment will help facilitate the additional and much needed testing of potential COVID-19 patients.”
NFS Leasing, Inc. Partners with Digital Media Disruptor, Starlite Media LLC to Expand Reach into New Regional Markets
NFS Leasing, Inc. and Starlite Media LLC have partnered to fund two new credit facilities. NFS Leasing specializes in complex equipment financing deals and had previously provided financing to Starlite in 2018. Starlite Media will now expand its digital arm into markets such as Los Angeles, Chicago and Philadelphia. In addition to the new credit facilities, NFS Leasing will also assume a board position with Starlite Media.
“This was a great opportunity for NFS and I am glad our team was able to get it done,” says David DePamphilis, Executive Vice President at NFS Leasing. “NFS specializes in finding creative financial solutions beyond a typical line of credit and we recognized the opportunity Starlite had and wanted to find a way to partner with them. Fortunately, Starlite was just as motivated as us which really helped solidify this relationship. I am also very proud to be joining Starlite’s board and to be a part of their vision, execution, and success.”
Starlite Media LLC is a digital media disruptor specializing in large format, high impact digital signs. “This additional funding offers a unique and exciting growth opportunity for Starlite. This capital will help us unlock our growth and we will fuel that growth by a soon to be announced partnership that will also provide direct access to integrated marketing programs, while offering third-party verified measurement,” states Starlite’s Chief Digital Officer, Dave Kelshaw. “Working with the NFS Team has been great for Starlite’s growth. To find a financial partner that is invested in the company beyond the balance sheets and financial reports builds a relationship with trust from both sides.”
NFS Leasing, Inc. Launches Partnership with Rocket Manufacturing Company to Fuel Testing
A West Coast based early stage rocket manufacturer has completed an equipment financing with story lender NFS Leasing, Inc. The new space industry company has established a test site and plans to begin test launches over the next twelve months. The $500K equipment financing will help the company manufacture critical components on an expedited timetable.
“At NFS, we challenge ourselves to find a way to accommodate deals across many different industries,” says David DePamphilis, Executive Vice President of NFS Leasing, “Leasing to a rocket manufacturing company is really cool and something we don’t see every day. Finding a way to structure a deal for a company in this industry was challenging, but our team was dedicated to get it done.”
A representative of the company says “NFS Leasing was incredibly helpful through this whole situation. Getting this equipment funded was critical for our business and now thanks to the team at NFS we are ready to move forward and reach our potential.”
NFS Leasing, Inc. Closes Debt Financing with AG Manufacturing that Buy’s Out Existing Lender and Provides Working Capital
AG Manufacturing is a leading manufacturer of a variety of wire and cable assemblies and engine solenoids/actuated components for the automotive OEMs, automotive aftermarket, and military industries. It is also a certified minority and veteran owned business.
NFS Leasing, Inc. and AG Manufacturing announced they have closed on custom financing for AG that buys out its existing lender and provides additional working capital. This working capital will support AG in its endeavors in continued growth and expansion and allow it to continue to serve its customers with the excellence it has become known for.
“Completing a deal like this was extremely valuable to NFS,” says Dean Oliver, Principal at NFS Leasing, “We are known for unique stories and deals such as this certainly help showcase our true capabilities.” NFS Leasing is known as the story lender and works with challenged credits of all kinds from start-ups to turnarounds.
“Working with NFS was an incredible experience for us,” Victor Edozien, AG Manufacturing’’s CEO, “We never expected this process to be so easy. NFS was fast, knowledgeable, and transparent throughout all of our interactions. They structured a custom transaction to meet our needs and enable our growth.”
Story Lender NFS Leasing, Inc. Reports Significant Full-Year Financial Growth and Headquarters Expansion in 2019
NFS Leasing, Inc., a leader in Equipment Finance, announced 20% 2019 Full-Year Growth of Originations and an office expansion at its Boston Headquarters.
“We have a dedicated team across-the-board and that team delivered exceptional service, resulting in significant achievement in 2019,” said David DePamphilis, Executive Vice President Sales. “We are confident our team’s approach will continue to provide value and growth to our customers in 2020.”
As a result of NFS Leasing’s continued growth, it expanded its Beverly, Massachusetts office to accommodate additional staff. “We are excited to finalize the expansion of our Massachusetts office,” said Dana Calumby, Vice President Finance NFS Leasing, Inc. “Not only are we experts in Equipment Finance, but we are becoming master’s in office expansion ourselves,” she continues with a smile. NFS Leasing, Inc. has expanded its’ headquarters three times in that past nine years.
NFS Leasing, Inc. Unearths New Opportunities with Mega Highwall Mining, with $11.8MM Financing
Mega Highwall Mining LLC. is a coal mining company founded in 2015. It operates both ADDCAR and Superior Highwall Mining Systems. Mega Highwall operates its machines on land that has previously been used as a mining site. The company’s automation can make coal mining less dangerous by not requiring miners to go underground to mine.
NFS Leasing, Inc. and Mega Highwall Mining have implemented multiple transactions comprising more than $11.8MM in total financing. Mega Highwall recently returned to NFS Leasing as its partner to complete a $4MM finance transaction. “Having structured multiple deals with them, it’s safe to say I appreciate their partnership,” said Daniel Bunn, Owner of Mega Highwall Mining of NFS Leasing, Inc.
Engaging with NFS Leasing through a broker, Mega Highwall worked with NFS Leasing to rebuild their highwall miners. “Sometimes it is a real challenge for companies to grow at the speed needed on their own,” says Jim Murphy, Principal, NFS Leasing, “But we pride ourselves in helping to service that growth with companies like Mega Highwall, to realize and help reach their potential.”
NFS Leasing, Inc. Finances $6.5MM for Socially Responsible Food and Beverage Disrupter, Flow Alkaline Spring Water
Founded in late 2014, Flow Alkaline Spring Water was built on the principles of being the world’s first socially responsible water company. Independent equipment financer, NFS Leasing, Inc. has provided Flow Alkaline Spring Water with the support it needed to further expand its offering across Canada and into the U.S.
Completing multiple transactions beginning 2017 and through 2019, NFS Leasing, Inc. has provided Flow Alkaline Spring Water with over $6.5MM needed for Manufacturing Equipment.
Although, Flow Alkaline Spring Water was receiving incredible support from its shareholders, it still had not reached positive cash flow. “It is common for early stage businesses to undergo short term cash limitations,” said David DePamphilis, EVP Sales and COO at NFS Leasing, Inc. “At NFS Leasing, we have the ability to appreciate the vision of entrepreneurial companies and provide the funds to expand that vision.”
“Working through the initial challenges with NFS was excellent. The level of responsiveness was fantastic, and they have an extremely high level of service. It was a great process,” said Matthew Hoar, CFO of Flow Water. “NFS followed a simple process. The communication was fast and realistic. Overall, I would give NFS an A+.”
Completing the agreements with NFS Leasing Inc. has allowed Flow Alkaline Spring Water to build out two production facilities, one in Canada and one in the U.S.
NFS Leasing, Inc. Wants to Hear Your Story – and the New Website Exemplifies That
NFS Leasing, Inc., a leader in Equipment Finance, launches redesigned website. The newly refreshed website showcases the strength of NFS Leasing, Inc. as THE Story Lender, as well as their many customer stories and community support.
“NFS Leasing’s approach is simple, yet pretty sensational,” shares Patty DiBello, Vice President Marketing, NFS Leasing, Inc., “and our new website showcases that. The team listens to a customer’s critical finance story, understands the need and looks beyond the usual financials to create a solution. The sensational part is, that by simply taking the time to listen and understand the story, NFS is often able to rally around these businesses, and provide financial support they typically may not secure.”
“NFS Leasing has been listening to stories, providing solutions and positively impacting businesses for many years now,” says Cliff Rucker, President NFS Leasing, Inc. “We are proud of that and the results that our clients achieve. The new website better communicates that. We also have an outstanding team, that works incredibly hard to support our clients. That hard work supports the growth of NFS Leasing, but also allows us to give back regularly to our larger community. We couldn’t do that without the dedication of the NFS team.”
NFS Leasing partnered with Jill Miller, CLFP with Marketing Design Mix as the architect of the new site.
NFS Leasing Provides $4.55MM Lease Line to GlyEco
GlyEco and its West Virginia subsidiary (d/b/a Recovery Solutions & Technologies) entered into a combined equipment finance transaction with NFS Leasing that consisted of a new offer of lease and a lease line of up to $4.55 million. According to the related 8-K filing, the new lease line will be used for certain operational equipment needed for glycol recovery and recycling operations.
GlyEco had previously entered into a master equipment lease agreement with NFS in 2017. The lease line will consist of agreed upon advance payments, a first monthly payment, a security deposit, an origination fee and 60 monthly payments, along with certain credit conditions.
SANUWAVE Signs $1,000,000 Equipment Financing Line with NFS Leasing
SANUWAVE Health, Inc. (OTCQB: SNWV) is pleased to announce that the Company has signed a one million dollar equipment financing lease agreement with NFS Leasing, Inc. This agreement will enable SANUWAVE to begin placing the dermaPACE® System in the hands of clinicians and wound care centers in the United States to utilize in the treatment of diabetic foot ulcers, a billion dollar market.
NFS Leasing Announces $350,000 Pure Storage Lease to Legal Deposition Firm
NFS Leasing today announced that it had provided a $350,000 lease of Pure Storage to an independent legal deposition and court reporting services firm. The firm will use the equipment to improve increase storage capacity, and provide redundancy, enabling it to enhance services for their growing customer base.
NFS Leasing Announces $140,000 Lease for Woodway Treadmills
Today NFS Leasing announced the closing of a $140K lease for a boutique fitness studio. Similar to the indoor cycling facility concept, the firm will have a variety of classes from beginner level jogging to high-intensity interval and endurance classes, featuring state of the art Woodway treadmills a more comfortable, forgiving piece of exercise equipment that aims to prevent common running injuries such as shin splints.
NFS Leasing Signs $1,100,000 Lease for GE Pet Systems
NFS Leasing announced the closing of a $1,100,000 lease for a GE Discovery IQ PET/CT Scan supplied to a New York based PET/CT Center. The equipment will allow the company to augment its servicing capacity for its valued client base.
NFS Leasing Signs $750,000 Lenovo Lease for Online Advertising Firm
NFS Leasing announced the closing of a $750,000 Lenovo Lease for an international leader in online advertising. The funding will allow the company to execute its proprietary media analysis for its customers advertising expenditures.
Person of the Year: Cliff Rucker
Worcester Magazine’s annual Person of the Year issue highlights those in the community that have made the largest impact on the city and you’d have a hard time naming someone that has done more to change the Worcester landscape in the past 12 months than Cliff Rucker.
Rucker came onto the Worcester scene back in February 2016, a relative unknown in the city. Billed as a “North Shore businessman” in quote blocks and headlines throughout the ensuing months, the president of NFS Leasing out of Beverly would have plenty more in store for the city as the months ticked by. While the hockey team and his investments and development in the city have dramatically changed Worcester’s landscape, it is his work ethic and “do it right” attitude that makes him our 2017 Worcester Magazine Person of the Year.