People’s United Bank acquires equipment financing company VAR Technology

People’s United Bank, a subsidiary of People’s United Financial, has acquired Texas-based equipment financing company VAR Technology Finance for an undisclosed price.

Headquartered in Mesquite, VAR Technology Finance VAR offers capital, technology, human resources, sales support and all other required resources to create a captive finance arm or captive-like entity for technology vendors.

Founded in 1990, VAR Technology Finance serves public and commercial sector customers of large technology suppliers that sell through the Information Technology channel, using a software platform and private label programs.

The equipment financing company has more than 25,000 direct end-user customers in commercial and public sectors, including small, medium and Fortune 1000 firms, apart from K-12 and universities.

Gary Sutton – President, and CEO of VAR Technology Finance said: “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.”

People’s United Bank acquires equipment financing company VAR Technology. Image courtesy of Stuart Miles/Freedigitalphotos.net.

VAR Technology Finance, which earned about $180 million in originations, has become a division of LEAF Commercial Capital, an operating subsidiary of People’s United, which makes equipment affordable to buy and easier to sell.

Founded in 2002, LEAF Commercial Capital, has financed more than $6.8 billion for over 25,000 customers throughout the US.

Jack Barnes – Chairman, and CEO of People’s United Financial said: “We are pleased to welcome VAR Technology Finance and their specialized experts to People’s United Bank.

“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.”