VGM sells financial services division
March 29, 2004
WATERLOO, Iowa and MINNETONKA, Minn.—The VGM Group sold its financial services division, VGM Leasing, to TCF Leasing, the announced last week.
In conjunction with the acquisition, TCF Leasing also entered into a long-term agreement to become the exclusive provider of financing for The VGM Group. VGM Financial Services will continue to market its products under the same brand names currently used.
TCF Leasing intends to retain all current employees of VGM Financial Services and has signed a long-term lease agreement for the current office location in Waterloo.
VGM Leasing, d.b.a. VGM Financial Services, was founded in 1991 and was one of 18 companies affiliated with The VGM Group. The ownership and operations of other VGM Group companies were not affected by the transaction.
TCF Leasing is a general equipment finance company and a wholly owned subsidiary of TCF Financial Corp., a Wayzata, Minn.-based national financial holding company with $11.3 billion in assets.Â TCF has more than 400 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.
Terms of the deal were not announced.Â
Van G. Miller, founder and CEO of The VGM Group, said, “As The VGM Group moves forward, we do so with a newly energized, highly capitalized partner to serve the financing needs of our members and participating manufacturers.Â I strongly believe this partnership will have positive effects on our people, our business and the business of our members and the entire home health-care industry for many years to come.”