Pivot capitala wholly owned subsidiary of Axis Auto Finance, secured $55 million in financing facilities from Mitsubishi HC Capital Canada.
Pivotal Capital is an independent Canadian commercial equipment finance company active in the transportation, construction, manufacturing and foodservice sectors. The facility is in addition to Pivotal Capital’s existing financing relationships.
Highlights of the Mitsubishi HC Capital Canada facility include a purchasing facility with a capacity of up to $50 million in annual purchases and a warehouse with a $5 million limit. Pivotal Capital will use the facility to fund and purchase the payments receivable generated by the trade finance agreements.
“The addition of this facility means that Pivotal has on-balance sheet funding capacity of over $100 million. This will drive our aggressive growth plans for fiscal year 2023 and continue our national expansion. This is the next step in becoming the largest independent equipment finance company in Canada,” said Steven Koster, President of Pivotal Capital.
“Adding the $55 million in funding is an important strategic step for Pivotal,” said Todd Hudson, CEO of Pivotal Capital. “As Pivotal’s market presence grows, expanding our lending capabilities is critical. This facility will allow Pivotal to pursue even greater market share. »
“We are proud to be part of Pivotal’s growth strategy,” said François Nantel, President of Mitsubishi HC Capital Canada. “Pivotal is a strong player in the equipment finance industry and we believe this relationship will be mutually beneficial. »