a more INTELLIGENT approach to equipment finance
SIS entered into its first lease with ITT Corporation. ITT remains SCG’s customer today.
Mr. Wasmer established Somerset Investment Services, Ltd. (“SISL”) as a minority-owned business enterprise. SISL was acquired by Neptune Computer Holding Ltd., a New York-based lessor of information technology equipment.
Goldome Federal Savings Bank acquired Neptune.
Mr. Wasmer and Mr. Sternstein left Goldome to form a new company, St. James Leasing, Ltd. (“St. James”); Mr. Wasmer served as CEO and Mr. Sternstein served as CFO. St. James entered into its first lease with IBM Corporation. IBM remains a customer of SCG today.
St. James generated $25 million of new lease originations.
Mr. Sternstein was forced to resign as CFO and forfeit his ownership stake in St. James when it was discovered that he had embezzled funds from the company and financed fraudulent lease transactions with lenders to the company. St. James entered into a plan to repay the amounts owed to its lenders, and such amounts were repaid in full, with interest, by November 1997.
Evan Bokor (SCG’s current chief executive officer) joined St. James as chief financial officer. Somerset Capital Group, Ltd. (SCG) was formed to become the new operating entity for St. James and SISL.
SCG entered the material handling equipment market. By 2002, material handling equipment had become SCG’s largest business segment.
St. James and SISL were merged into SCG. SCG entered into its first funding program, a $41 million pool used to fund equity in operating lease transactions, with Wafra Investment Advisory Group. SCG achieved solid growth, exceeding $100 million of new lease originations. SCG also acquired the equipment lease portfolio of LEC Leasing, adding several significant clients (Bank of America, Tiffany & Co., others). SCG established Somerset Technology Sales (“STS”) to buy, sell and remarket information technology assets.
SCG’s new lease volume exceeded $200 million in original equipment cost. SCG added Kellogg Company as a customer. Kellogg is now SCG’s largest customer.
SCG acquired a $30 million equipment lease portfolio from an operator of an equipment leasing income fund. SCG also purchased a lease portfolio from a German bank.
SCG established Somerset Equipment Sales (“SES”) to focus on buying, selling and remarketing forklifts and other material handling equipment.
The management team consummated a buyout of SCG, redeeming the shares held by founder Pedro Wasmer and non-management shareholders. Wafra provided funding to execute the buyout. Mr. Wasmer retired, and Evan Bokor became SCG’s president and chief executive officer. Adam Simon became executive vice president of sales. SCG entered the Canadian market.
SCG entered the Asian market, establishing operations in Singapore. SCG also acquired a $15 million leasing portfolio from a bank. SCG’s new lease originations reached $276 million in 2008, a record level of new business production for SCG.
Mark Fiorentino joined SCG as chief operating officer responsible for operations, credit and collections.
SCG acquired a $22 million equipment lease portfolio from Velocity Financial Group. Also in 2010, SCG entered the equipment leasing market in Taiwan.
SCG formed Somerset Aviation Capital to expand its nine year presence in the aircraft ground support equipment asset segment.
SCG formed Somerset Equipment Finance (UK) Ltd. U.K. equipment leasing market.
SCG acquired a long-tenured independent equipment leasing organization focused on servicing vendor partnerships. SCG establishes Somerset ATE Solutions, Ltd. to provide leasing, short-term rentals and equipment supply for semiconductor test equipment.
SCG acquired a independent leasing organization focused on providing leasing services to a clientele of mid-sized banks in the US.
From select vertical market specialties and equipment sales operations to vendor financing and our leading indirect, third party origination team, the Somerset family of companies and capabilities position our customers with unique, flexible and competitive offerings. Click each name below to learn more.
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