People's United Bank Acquires VAR Technology Finance
Headquartered in Bridgeport, Connecticut, the People's United Bank is a subsidiary of People's United Financial, Inc, a diversified financial services company with approximately US$48bn in assets. This week, People’s Bank United announced the completion of its acquisition of VAR Technology Finance, an independent leasing and finance company that supports equipment sales through its financing programs within the technology channel for small, medium and large technology manufacturers, software companies and resellers, with headquarters in Mesquite, Texas.
Established in 1990 by President and CEO Gary Sutton, VAR Technology Finance provides financing for commercial and public sector customers of large technology suppliers that sell through the Information Technology channel, using an industry-focused software platform and private label programs. The company has over 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.
"With People's United and LEAF, we will strengthen our infrastructure and access to capital and marketing capabilities, allowing us to accelerate growth and expand resources to better serve our clients," said Gary Sutton, President and CEO of VAR Technology Finance.
In 2018, VAR produced approximately $180 million in originations, and ranked among the top private, independent equipment finance companies nationwide for new business volume. Following the acquisition, VAR Technology Finance will become a division of LEAF, an equipment financing firm based in Philadelphia, PA.
"VAR has been an existing business partner for many years and has a strong brand and reputation in the technology sector," said Crit DeMent, Chairman & CEO of LEAF. "We have a deep understanding of their business model, a similar culture, and look forward to leveraging the many synergies that exist to better serve clients and strengthen our position as a leading tech-industry lessor."
"We are pleased to welcome VAR Technology Finance and their specialized experts to People's United Bank," said Jack Barnes, Chairman and CEO of People's United Financial. "VAR's sole focus and knowledge of the technology sector for nearly 30 years is a critical component of this acquisition, allowing us to further expand our equipment leasing and finance offerings into the technology sector. VAR will be a valuable addition to our equipment finance portfolio and enhance the client experience."