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.