The Alta Group Initiates the Sale of National Machine Tool Financial Corporation
RENO, Nev., Oct. 22, 2014 /PRNewswire/ -- The Alta Group, a global consultancy specializing in the equipment leasing and financing industry, announced that its client, National Machine Tool Financial Corporation of Elk Grove Village, Illinois, has been acquired by First Midwest Bank, the principal operating subsidiary of First Midwest Bancorp, Inc., of Itasca, Illinois. Alta initiated the transaction and served as exclusive financial advisor to National Machine Tool Financial Corporation.
National Machine Tool Financial specializes in financing machine tools and other manufacturing equipment. The company obtains its business through the strong vendor financing relationships it has developed with manufacturers and distributors of such equipment as well as through its long-term relationships with equipment users. It was founded in 1986 by President Bob Lang, who owned the company along with Executive Vice President Chris Chiappetta.
Commenting on the transaction, Chiappetta said, "I now understand why The Alta Group and Bruce Kropschot have such a great reputation in the M &A industry. The Alta Group was extremely helpful in negotiating specific terms of our recent company sale. Bruce Kropschot's in-depth knowledge and experience was vital to a smooth closing. Bruce and The Alta Group have been great consultants and a pleasure to deal with."
First Midwest Bancorp has assets of approximately $9 billion and is a major relationship-based financial institution in the Chicago area banking market. The addition of equipment leasing to First Midwest Bank's product offerings provides the bank the opportunity to leverage its sales platform to augment National Machine Tool Financial's historical lease production of $40 million per year, bank officials said in a statement released today.
Alta's Merger & Acquisition Advisory Practice provides both buy and sell side advisory services, funding management and capital raising services, due diligence services and valuation services. Kropschot is senior managing director and Merger & Acquisition Advisory Practice leader. He and his colleagues have arranged the acquisition of over 200 equipment leasing and financing companies.
About The Alta Group
The Alta Group is the leading global consultancy dedicated exclusively to the business of equipment leasing and asset finance. For information on the group's services in the United States and Canada, Latin America, Europe, the Middle East and Africa, China, and Asia-Pacific, visit http://www.thealtagroup.com.
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SOURCE The Alta Group
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