The Alta Group Announces Funding of One of Largest M&A Deals in Years — City National Bank’s Purchase of First American Equipment Finance

The Alta Group Announces Funding of One of Largest M&A Deals in Years

— City National Bank's Purchase of First American Equipment Finance

RENO, Nev., May 7, 2012 /PRNewswire/ — The Alta Group, a global

financial consultancy, announced that one of the equipment finance

industry's largest merger and acquisition transactions in years was

completed last week. The 100 percent cash purchase of First American

Equipment Finance of Rochester, N.Y., by City National Bank of Los

Angeles is not only one of the largest M&A transactions in this niche

in several years, but it also fulfills growth strategies on both

sides.

Representing City National, The Alta Group was instrumental in helping

the bank identify acquisition prospects, performing due diligence, and

providing financial advisory services and support in arranging and

closing the deal, which was completed on April 30, 2012, said Paul

Bent, a senior managing director of The Alta Group. "The bank already

had a successful equipment leasing and finance operation and they

approached Alta initially to explore various paths to expand that

business," he added. The Alta Group has specialized in management

consulting, as well as merger and acquisition advisory services, in

the equipment leasing and finance industry for more than 20 years.

This transaction breaks the virtual barrier to mergers and

acquisitions that was in place since the financial crisis, said Bruce

Kropschot, a senior managing director who leads Alta's M&A practice.

He has been reporting within the industry that more such deals are

anticipated this year because many corporations and banks have

substantial liquidity and a number of attractive independent leasing

companies withstood the recession soundly.

Kropschot said the City National transaction was accomplished swiftly,

with a definitive agreement finalized shortly after the execution of a

letter of intent. He said First American Equipment Finance has a great

reputation in the industry and this was not the first time that First

American owners William Verhelle and Guy Klingler were approached by

firms interested in acquiring a national leasing company.  Verhelle

also found in the selection of City National that leadership styles

and growth interests were compatible. It was reported that by joining

forces, First American expects to provide better access to capital, as

well as broaden client services.

Bent said it is "a perfect cultural fit" because both are headed by

leaders who take a personal interest in their businesses and their

customers and have high standards of integrity.

City National was founded in Los Angeles by a group of entrepreneurs

in 1954. Today it is a wholly owned subsidiary of City National

Corporation and backed by $24 billion in total assets.

First American Equipment Finance, a privately held mid-ticket

equipment leasing company, owns and services approximately $325

million in assets. It leases technology and office equipment

nationwide and has approximately 100 employees. Its clients include

educational institutions, hospitals and health systems, large law

firms, insurance underwriters, enterprise businesses, professional

service businesses and nonprofit organizations.

Since 1992, The Alta Group has represented equipment leasing and

finance companies, banks, manufacturers and service providers,

offering management consulting and expertise in global market entry,

vendor finance, professional development, and mergers and

acquisitions. The full array of practices in North America is

described at http://www.thealtagroup.com/north-america.

SOURCE The Alta Group

-0- 05/07/2012

/CONTACT: Susan Carol, On behalf of The Alta Group, +1-540-361-1274, sca@scapr.com

/Web Site: http://thealtagroup.com

CO: The Alta Group; First American Equipment Finance; City National Bank

ST: Nevada New York California

IN: FIN

SU: TNM

PRN

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0000 05/07/201211:00:00 EDThttp://www.prnewswire.com