MERGERS AND ACQUISITIONS
Neumann, Beneficial Equipment Finance Combine to Create NewLane Finance
Neumann Finance and Beneficial Equipment Finance combined to create NewLane Finance. The new venture will be backed by WSFS Bank.
NewLane Finance unveiled a new logo and tagline, “Business Lending Done Right.” The logo represents the “new lane” the company has created to deliver simple, fast and competitive equipment financing solutions with a customer-first approach. NewLane will utilize advanced technologies to provide on-the-spot financing, help equipment dealers increase their sales and enable small businesses to acquire the equipment they need to grow.
Neumann and Beneficial will begin to operate as one later in 2019 and will be headquartered at NewLane’s offices in Philadelphia.
Dan Dyer, Beneficial and NewLane CEO, and George Pelose, president, will lead the new firm. Joe Pucci, currently president of BEFC, will also join the leadership team
“Since launching Neumann Finance in 2017, we have built significant momentum with our unique business and servicing models,” Dyer said. “Our new name, combined with the strength of BEFC and the backing of WSFS, a $13 billion bank, will provide significant opportunities to scale our business.”