January 4, 2007
GE Capital acquires CitiCapital marine finance unit
GE Capital Solutions has acquired CitiCapital's Marine Finance division, an Irving, Texas unit of Citigroup.
CitiCapital Marine finances and leases commercial workboats and passenger vessels in U.S. and Canadian waters and the Gulf of Mexico.
The acquisition, which closed last week, will add approximately $250 million in assets to GE Capital Solutions' marine portfolio. Terms of the agreement were not disclosed.
"Our growth in Marine financing continues at a double digit pace," said Richard Laxer, president and CEO, GE Capital Solutions. "This acquisition enhances our ability to bring world-class service and options to our customers."
Joseph Pitch, senior vice president, CitiCapital Marine Finance, will join GE as part of the marine industry team.
GE Capital Solutions finances such vessels as tugs and barges, car and passenger ferries, pilot boats, offshore supply vessels/anchor handlers and dredges and derrick cranes.