Bank of Ann Arbor announced on January 2, 2013 that it has acquired Ervin Leasing Company, a privately held national equipment leasing and finance company founded in 1978 and headquartered in Ann Arbor, Michigan.
Ervin Leasing, a subsidiary of parent company Ervin Industries, has been a highly successful and growth oriented leasing company since its founding in 1978. After successfully navigating the economic downturn in 2008 and 2009, the company began to ramp up sales in 2010. However, Ervin Leasing’s funding sources, previously providing lines of credit in the range of $100 million, remained on the sidelines, leading to Ervin Industries’ decision to seek out a new owner who could provide funding for growth. After seeking proposals from banks and private equity firms, Bank of Ann Arbor was chosen as the successor to Ervin Industries as the new owner of Ervin Leasing.
“We are super excited about this opportunity to join forces with Ervin Leasing and further diversify our product offerings,” said Timothy G. Marshall, Bank of Ann Arbor’s President & CEO. “Bank of Ann Arbor has a substantial level of liquidity to fund the anticipated growth of the newly acquired leasing company. Having done business with Ervin Leasing for over ten years, we know the company very well and admire the strong and experienced management team and its seasoned employees who will all join our Bank of Ann Arbor team.”
“We chose Bank of Ann Arbor as the new owner of Ervin Leasing based on our strong desire to affiliate with a company who would hire all of our local staff, has a similar culture that is growth oriented and a great place to work, and has an impeccable reputation,” said Bruce Gaffney, President and CEO of Ervin Leasing “We also have maintained a very strong credit culture over the history of the company which is similar to the credit culture at Bank of Ann Arbor. I am confident that our companies will be a great fit for years to come.”
Ervin Leasing will remain at its current office location at 3893 Research Park Dr., Ann Arbor, Michigan. Customers who have questions about today’s transaction may call Ervin Leasing at 734-332-5400.
For more information contact:
Timothy Marshall, Bank of Ann Arbor (734)662-1600
Bruce Gaffney, Ervin Leasing (734)332-5400
About Bank of Ann Arbor
Bank of Ann Arbor is a locally owned and operated bank with total assets and assets under management of over $1.5 billion, serving people and businesses in the Ann Arbor area with offices at the corner of Fifth Avenue and Washington Street in downtown Ann Arbor, in the Traver Village Shopping Center, at the corner of Stadium and Liberty streets, on West Ellsworth Road in Pittsfield Township, on West Michigan Avenue in downtown Ypsilanti and in Plymouth on Ann Arbor Road. Its newest office will open on Michigan Avenue in downtown Saline in early 2013. The web site is www.boaa.com. Visit us on Facebook, Twitter, and LinkedIn.
About Ervin Leasing
Ervin Leasing Company, founded in 1978, is a well-established small ticket, $2,000 - $150,000, equipment leasing and finance company headquartered in Ann Arbor, Michigan. The company has a national presence in the small ticket vendor space servicing the general equipment categories with emphasis on strong service and self-underwriting solutions. For more information please visit www.ervinleasing.com
About Ervin Industries
Ervin Industries, founded in 1920, is a pioneer in the technical development of cast steel abrasives. Ervin’s products and technologies represent the world standard for quality innovation and commitment to the success of customers. Ervin Industries is the largest manufacturer of steel abrasives in North America and the leading exporter from North America. Ervin’s AMASTEEL abrasives are used in the production of a wide array of products with the primary applications being blast cleaning, peening, cutting, and etching. For more information please visit www.ervinindustries.com.