Element Financial Corporation launches new aircraft division

Element Financial Corporation has launched a new division called Element Capital to deal with large equipment financing and leasing transactions, including corporate aircraft and helicopters.

Tony Bergeron, who has over 20 years of experience in equipment financing and leasing, has been appointed executive vice president of the new business unit, which will also oversee energy related assets, rail and road transport, as well as mining and large-scale construction equipment. He joins from GE Capital.

Bergeron will be based in Montreal and will report to Bruce Smith, president and chief operating officer of the Corporation.

Steven Hudson, chairman and CEO of Element Financial Corporation, says: “We are thrilled to have recruited someone of Mr Bergeron’s calibre and expertise for Element Capital, and are confident that with his leadership skills and experience, he will contribute to the company’s increased diversification and growth.”

He adds: “We believe Element Capital can increase its fee-based income with modest balance sheet consumption and generate over $250 million of annual volume.”

The rest of team consists of Christian De Broux, senior vice president, risk management; Scott Benson, senior vice president, capital markets; Maxim Nadeau, manager, risk underwriting; and Frédéric Larue, regional vice president, sales.

“We are right on track with our business plan and well-positioned to meet the growing demand for lease financing across North America,” says Pierre Lortie, director of the corporation. “We acquired Alter Moneta, a key player in the Quebec market, in August 2011; we then increased our capital base and listed on the TSX in December 2011; and now we have established the Element Capital unit to finance large-ticket equipment.”

“Most importantly,” he adds, “we are hiring people with the experience and the proven track record to support the continued North American growth of Element Financial Corporation.”