Divestiture Positions ePlus as a Pure-play Technology Solutions Provider
ePlus announced that it has a signed a definitive agreement with Marlin Leasing Corporation (dba PEAC Solutions), a portfolio company of the Asset Value Funds sponsored and managed by leading global investment firm HPS Investment Partners, LLC, to sell the domestic subsidiaries comprising its U.S. financing business.
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“We are pleased to announce the divestiture of our financing business to PEAC, a renowned industry leader that will continue our long history of providing excellent customer service, responsiveness, and creative financing solutions to our customers,” stated Mark Marron, CEO and president of ePlus. “Given the rapidly evolving technology industry, the sale of our financing business gives us incremental capital to focus on growth opportunities and acquisition opportunities in the technology and services space.”
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“It also strengthens our ability to continue to invest in high growth areas of AI, cybersecurity, data center modernization, high performance networking and related consulting and managed services, while providing us the flexibility to accelerate plans around expanding our footprint and customer base. We are reimagining the role that ePlus can play for its customers, partners and shareholders, and are excited to continue to build our solution and services capabilities via organic and inorganic growth as we move forward. We will continue to offer the value-add of financing services to our technology customers and vendors through PEAC, which is a well-respected and experienced financing platform servicing the needs of tens of thousands of organizations.”
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ePlus was represented by Macquarie Capital (USA) Inc and K&L Gates LLP. Closing is expected to occur within the next sixty (60) days and is subject to various terms and conditions, as further described in the Company’s Form 8-K filed with the Securities and Exchange Commission as of the date of this press release.
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Source – prnewswire
