State Financial Services Corp. of Milwaukee is buying 80% of m2 Lease Funds LLC of Madison, Wis.
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m2, which finances equipment leases for small and midsize companies, has $27 million of receivables outstanding. John R. Englebrecht, m2's founder and chief executive, is to remain its CEO and retain an ownership stake.
Michael J. Falbo, State Financial's chairman and CEO, said in the Jan. 5 press release announcing the deal that his $1.5 billion-asset company wanted to provide more services to its commercial customers. The price of the cash deal was not disclosed. It is expected to close this month.
