Hilco expands fleet management business

NORTHBROOK - Hilco Global Tuesday said it's commercial-industrial division has acquired Sutton Leasing, a large fleet leasing company based in Sterling Heights, Michigan.

Although financial terms were not disclosed, the company said it was a "multimillion-dollar transaction." The transaction was structured using a combination of debt and equity, the company said.

The Hilco Commercial Industrial division plans to operate the company, managing the fleet lease portfolio that consists of more than 7,000 cars, trucks and other transportation equipment. The new company will be called H19 Sutton Leasing and will be added to the H19 group of companies, which includes the Indianapolis-based H19 Capital, which Hilco acquired in 2020 and specializes in truck leasing.

H19 Sutton Leasing will remain one of the top ten fleet management companies in the United States, having additional offices in Northbrook, and Vandalia, Ohio, while maintaining the H19 Sutton headquarters in Michigan.

Hilco Global is a provider of asset valuation, monetization and advisory solutions.

"We are uniquely positioned for the acquisition of Sutton Leasing due to the success we've had with last year's purchase of H19 Capital as there are considerable operational and administrative synergies between Hilco's H19 truck leasing operation and assets and the acquisition of automobile-focused Sutton Leasing," said Steven Tanzi, president of Hilco Performance Solutions.