Onset Financial, an independent equipment leasing company based in Draper, has acquired Channel, a provider of equipment finance and working capital for small businesses, along with its subsidiaries.
Channel operates from its headquarters in Minnetonka, Minnesota, with additional locations in Kennesaw, Georgia; Mount Laurel, New Jersey; Des Moines, Iowa; and Marshall, Minnesota.
“This strategic acquisition brings together two of the industry’s most innovative and financially strong independent finance companies, creating an unmatched platform with the scale, expertise and resources to meet the evolving needs of businesses across all segments,” an Onset Financial statement said.
Founded 16 years ago, Onset has facilitated over $5 billion in equipment finance funding, with more than $1 billion in the past year alone. It serves industries including manufacturing, health care, energy, aviation and technology.
Onset has been recognized as a Monitor Magazine Top 100 and Independent Finance Company Magazine Best Workplace.
Since its founding in 2009, Channel has provided over $3 billion in financing to more than 30,000 businesses, earning recognition for its data and technology-driven approach, deep industry relationships and commitment to its partners, Onset said.
“This acquisition positions us to lead the independent equipment finance space with unmatched resources, expertise and combined financial strength,” said Justin Nielsen, founder and CEO of Onset Financial. “The exceptional leadership, industry experience, and culture that the Channel team brings to the table are a perfect match with Onset. Their deep partner network and technology-driven approach, combined with our large-scale leasing capabilities, create a powerhouse of innovation and service. We are excited for the near-term growth opportunities this creates, as we combine forces to build an even stronger future.”
“This is a defining moment for Channel,” said Brad Peterson, co-founder and CEO of the firm. “From my first conversation with Justin, it was clear that Onset operates with a bold, forward-thinking approach that sets them apart. Their vision, leadership and ability to execute at scale are truly impressive. Our united strength in both financial foundation and proven expertise, positions us extremely well for projected expansion.”