In Brief: Irwin Financial of Ind. to Sell Leasing Unit

based Irwin Financial Corp. has agreed to sell its medical equipment leasing subsidiary to DVI Inc. of Doylestown, Pa., for an undisclosed amount.

Irwin, a $1.7 billion-asset company, expects to reap a $4.5 million profit when it sells Affiliated Capital Corp. to DVI this month or in early October. Affiliated, a $65 million-asset company based in Chicago, has generated $50 million of new leases a year to doctors and dentists nationwide.

Greg Ehlinger, Irwin's vice president and treasurer, said Affiliated "didn't grow as well as we wanted it to" during the seven-plus years Irwin owned the company. Irwin was revamping Affiliated-including discussing a possible joint venture with DVI-when DVI made an offer to buy it.

Mr. Ehlinger said Irwin is not ruling out a future move back into commercial leasing. With the right leadership and structure, "we could make it work," he said.

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