People's United buys national equipment finance firm

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People’s United Bancorp in Bridgeport, Conn., has acquired a national equipment finance platform.

The $45 billion-asset company said in a press release Thursday that it had bought Vend Lease, a Baltimore firm that focuses on suppliers and vendors in the hospitality industry. Vend Lease will operate as a division of Leaf Commercial Capital.

People’s United did not disclose the price it paid.

"The strength of our combined expertise will provide for an exceptional client experience, foster positive growth and be a valuable addition to our growing equipment finance business," Jack Barnes, People’s United’s chairman and CEO, said in the release.

Keefe, Bruyette & Woods and Simpson Thacher & Bartlett advised People's United. CrestMount Advisors and Baker Donelson advised Vend Lease.

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