Jackson Walker represented VAR Technology Finance, a private, independent leasing and finance company, in the sale of its business to People’s United Bank, N.A., a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT). Under the terms of the agreement, VAR Technology Finance will maintain its existing brand and will become a division of People’s United’s operating subsidiary, LEAF Commercial Capital, Inc. (LEAF).
VAR Technology Finance provides technology leasing and financing solutions for technology manufacturers, software companies, and resellers. The company has more than 25,000 direct end-user customers in commercial and public sectors, including small, medium, and Fortune 1000 companies, in addition to K-12 and universities. In 2018, VAR produced approximately $180 million in originations and ranked among the top private, independent equipment finance companies nationwide for new business volume.
People’s United Bank is a Northeast-based regional bank offering commercial and retail banking and wealth management services through a network of over 400 retail locations. A subsidiary of People’s United, Philadelphia-based LEAF Commercial Capital, Inc. offers customized financing to companies in need of equipment. Since its founding in 2002, LEAF has financed over $6.8 billion for more than 250,000 customers across the U.S.
Dallas corporate partner Larry E. Glasgow led the Jackson Walker team that represented VAR Technology Finance in the transaction, with assistance from associate Joshua M. Nosal. The Jackson Walker team also included Chuck Campbell, Ronald D. Kerridge, Steven D. Moore, Alyca Riley, David Schlottman, and Peter K. Wahl. To explore Jackson Walker’s experience in mergers, acquisitions, dispositions, joint ventures, and other strategic alliances, visit our Corporate & Securities practice page.
For more information about the transaction, read People’s United Bank’s news release.
Larry E. Glasgow is a widely respected mergers and acquisitions attorney who represents acquirers and sellers in transactions ranging in size from mid-market to in excess of $1 billion. Larry is a much sought-after speaker and a widely regarded thought leader in the M&A arena. He is dedicated to establishing and preserving best practices in M&A, and among his many industry activities, he co-founded the American Bar Association’s M&A Deal Points Studies and the M&A Market Trends Subcommittee. Larry has been consistently recognized by The Best Lawyers in America for M&A and corporate law. He has also been listed among the top rated lawyers in M&A and healthcare by The American Lawyer and Corporate Counsel as well as for international M&A by Who’s Who Legal.
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