27 October 2015
Mayer Brown partner Elizabeth Raymond led the team that represented Wells Fargo & Co. in its acquisition of GE Capital’s Commercial Distribution Finance and Vendor Finance platforms, as well as part of GE Capital’s Corporate Finance business. The acquisition includes total assets of approximately $32 billion, in addition to businesses employing approximately 3,000 team members. The loan and lease portfolios are roughly 90 percent U.S.- and Canada-based.
“This acquisition is an outstanding opportunity for Wells Fargo to deepen relationships and strengthen our presence in key commercial lending markets,” said Tim Sloan, head of Wells Fargo Wholesale Banking, in a statement. “GE Capital’s businesses are industry leaders with proven business models and capabilities backed by exceptionally talented and experienced teams. These advantages, in addition to portfolios that are diversified geographically and by industry, will allow Wells Fargo to continue to grow our business in order to better serve the needs of new and existing wholesale banking customers.”
GE Capital’s Commercial Distribution Finance business, with total assets of approximately $13 billion, provides customized inventory financing to fund the flow of finished durable goods from manufacturers to dealers. GE Capital’s Vendor Finance business, with total assets of approximately $9 billion, provides vendor and dealer financing programs for manufacturers and dealers of all sizes, and their customers, across the United States and Canada. GE Capital’s Corporate Finance business (also known as Direct Lending and Leasing) provides senior secured asset-based loans, as well as equipment leases and loans to middle-market customers. Wells Fargo is purchasing a portion of the business, which will ultimately be integrated into its existing Capital Finance and Equipment Finance businesses. GE Capital’s Corporate Finance business has total assets of approximately $10 billion.
Along with Raymond, the Mayer Brown team included: Corporate & Securities partners Nina Flax (Palo Alto) and Kate Ball-Dodd (London); Banking & Finance partners Ger O’Donnell (Chicago), Brian Newhouse (New York) and John Clark (London); Intellectual Property partner Rich Assmus (Chicago); Business & Technology Sourcing partner Rebecca Eisner (Chicago); Employment & Benefits partner Debra Hoffman (Chicago); Financial Services Regulatory & Enforcement partners Jeffrey Taft (Washington, D.C.) and Mark Compton (London); and Tax Transactions & Consulting partner Lee Morlock (Chicago).
Based in Chicago, Raymond focuses on mergers and acquisitions and capital market transactions, primarily for financial institutions and in the automotive and transportation industries. Her experience includes public and private mergers and acquisitions, representing bidders, targets and financial advisors; private equity, hedge fund and joint venture investments; and corporate governance and defensive planning for public companies. She also has extensive experience with public and private offerings, representing issuers and underwriters on matters such as asset securitization, leasing, term debt and equity, Rule 144A offerings and initial public offerings. Raymond has been involved in Mayer Brown’s management and currently serves as a Corporate Practice Leader.
Reprinted with permission from the October 27, 2015 edition of InsideCounsel © 2015 ALM Properties, Inc. All rights reserved. Further duplication without permission is prohibited.