The Vendor Financial Services (VFS) unit of GE Commercial Finance has completed the acquisition of Transamerica Distribution Finance (TDF), an important source of loans to RV, boat and motorsports dealers.
The plan by GE’s VFS operation to acquire TDF was revealed last August, but the transaction was not finalized until Wednesday (Jan. 14).
“Combining two prominent financial services providers into a single financing source establishes a business with additional scale and the capital resources needed to develop innovative products and services that meet the changing needs of our customers,” said Bob Martin, president and CEO of GE Commercial Distribution Finance.
“Additionally, the acquisition gives TDF customers access to other GE financial products aimed at growing their business,” Martin said.
The transaction adds about $8.5 billion in managed assets to the portfolio of GE Commercial Finance. “These businesses (including RV dealer inventory finance) are an important part of the growth plan for GE Commercial Finance,” said Mike Neal, president of GE Commercial Finance, parent of GE Commercial Distribution Finance.
TDF was sold by Dutch insurance giant AEGON N.V., which was paid $5.4 billion by the financial services operation of global manufacturing and service sector conglomerate General Electric Co.