Canadian equipment lessor National Leasing Group has acquired UMA Finance, a privately-held commercial leasing company headquartered in Fredericton, New Brunswick.

Effective 1 July 2014, the acquisition is part of National Leasing’s wider strategy for expansion.

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Tom Pundyk, president of National Leasing, said the company expects the acquisition to contribute to its growth objectives in Eastern Canada, "especially in the forestry, transportation and construction industries."

He added: "National Leasing has been doing business in Atlantic Canada since 1995, and the opportunity to leverage the local expertise of the UMA Finance team will be a tremendous enhancement to our current customer offerings in this important growth region."

Locally-owned commercial leasing firm UMA Finance was established in 1988 and has representatives in both Newfoundland and New Brunswick.

The commitment to providing a local service is shared by both companies, explained Mark Roach, regional sales manager at UMA Finance.

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He described the acquisition as "a true win-win for everyone", and added: "We will be the same local team providing the same local service, supported by the power of National Leasing.

"Our employees will also benefit from National Leasing’s award-winning corporate culture and professional development opportunities."

An affiliate of Canadian Western Bank, National Leasing serves over 50,000 businesses in the country, specialising in sectors including agriculture, medical, golf and turf, and commercial equipment.