ALFA FINANCIAL EXPANDS LEASING DIVISION
"MONTGOMERY, Ala." OFC Capital, a division of Alfa Financial Corporation, has acquired certain assets and accounts from the Manufacturing and Machine Tool Finance division of Textron Financial.
Robert "Chip" Leas, president and chief executive officer of OFC Capital, said the acquisition expands the company's presence in the manufacturing and machine tool sector.
"This transaction fits our strategy of making selective acquisitions in targeted industries and asset groups," Leas said.
Leas founded OFC Capital, a general equipment lessor, in 1984. It provides leasing and financing services to equipment vendors, manufacturers and end users as well as offering programs to select brokers, third-party originators and lessors on a national level. Alfa Financial acquired OFC in April 2000.
Lee Ellis, senior vice president of operations for Alfa, said the expansion of OFC's business portfolio will help further diversify Alfa's financial investments.
"OFC has been a good investment for the Alfa Companies," Ellis said. "The acquisition of Textron's lease portfolio will enhance Alfa's investment in OFC and help to profitably grow our non-insurance operations."
Textron's manufacturing and machine tool finance portfolio is valued at $45 million. Alfa Corporation (NASDAQ/NM: ALFA) has received Standard and Poor's top commercial rating for credit worthiness and financial strength. More information about OFC Capital is available online at www.ofccap.com.