Second Acquisition of 2019 Accelerates Expansion in Key Specialty Markets
We are excited to announce the acquisition of Kingswood Leasing, Inc, a recognized leader in providing specialized sales financing solutions for equipment sellers in the restaurant, food services, hospitality and c-store industries. The acquisition is consistent with TimePayment’s recently announced plans to accelerate growth by building and acquiring best-in-class, industry-focused origination and delivery platforms.
“Kingswood is an outstanding addition to the TimePayment enterprise. They have built an impressive business that is centered on fast credit approval, fast funding and ease-of-doing business; an approach that makes them a perfect fit for our operating model. They bring great people, a long list of well-established customer relationships and an outstanding track record of product and service delivery. We are thrilled to have their team as part of the TimePayment family,” said Jay Haverty, TimePayment’s President and Chief Operating Officer.
Founded in 1991, Kingswood works in partnership with hundreds of equipment manufacturers and dealers to provide a suite of full-service financial products and services to help them grow. The company is known for its ability to deliver financing to customers across the credit spectrum and for a wide range of specific financing needs; from equipment replacements and add-ons to more complex build-outs and remodels. Coming off a record 2018, Kingwood is now poised to achieve even higher growth with expanded capabilities under the TimePayment umbrella.
“We are extremely proud of what we have built over the past twenty-eight years and we are now honored to join TimePayment; particularly at such an exciting time at the company. TimePayment shares our passion for customers and, with the expanded suite of products and technology capabilities that we’ll now have at our disposal, we think our best days are still ahead,” said Cliff Metcalfe Jr., Founder and President of Kingswood Leasing.
Kingswood will continue to operate out of its Dover, NH headquarters while integrating with the applicable TimePayment strategic business units and corporate support teams.
TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. Fortress is owned by SoftBank Group Corp. (TOKYO: 9984), a global technology investor focused on advancing the Information Revolution by forming long-term partnerships with the most superior companies in the information industry. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups. TimePayment proudly serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.