The acquired receivables are related to the financing of dental and eye care practices and equipment
Wells Fargo, a financial holding company, has purchased approximately $730 million in loan and lease receivables from GE Healthcare Financial Services — Equipment Finance, a unit of GE Capital.
The acquired receivables from the business, formerly known as HPSC, are primarily related to the financing of dental and eye care practices and equipment.
Wells Fargo Financial, a unit of Wells Fargo & Company, will manage the receivables through its operating unit Matsco, which serves the financial needs of healthcare professionals in dentistry, veterinary medicine, optometry and ophthalmology.
Wells Fargo said that the sale involved receivables and customer relationships only; no facilities or employees were a part of the transaction.
Greg Janasko, head of the commercial business group at Wells Fargo Financial, said: We’re already a lender of choice for many healthcare professionals, and this acquisition further solidifies Matsco as the premier provider of financial services for the dental and eye care segment.
Allison Farey, Matsco’s president, said: We look forward to offering these new customers the outstanding service and broad range of products that Matsco and Wells Fargo are known for. Matsco becomes a leading lender for customers in the dental and eye care sectors with our acquisition of these receivables. We view this as an area with great potential for future growth.