Westminster Savings Credit Union announced on Friday that it has acquired Calgary-based equipment leasing company Mercado Capital Corp. The acquisition strengthens Westminster Savings Credit Union’s position in the growing Alberta leasing market and gives the credit union a market presence in Ontario.

“This transaction complements Westminster Savings Credit Union’s existing automobile and equipment leasing business by expanding the range of financing products and services we can now offer small and mid-sized businesses,” said Barry Forbes, president and CEO of Westminster Savings. “The credit union and Mercado are committed to working together to ensure the smooth integration of the two companies while delivering market leading solutions to businesses in western and central Canada.”

“Joining Westminster Savings Credit Union gives Mercado the financial flexibility and additional expertise we need to pursue new markets and continue to grow our business in a very competitive environment,” said Randy Smyth, president and CEO of Mercado Capital. “This arrangement presents new business opportunities for our staff and provides our clients with a wider variety of financing solutions to meet their needs.”

Mercado Capital will retain its name and operate as a wholly owned subsidiary of Westminster Savings Credit Union.

Mercado Capital has been providing flexible leasing solutions for equipment acquisitions to small and mid-sized businesses across Canada since 1992. The company finances equipment and repairs for a diverse range of customers from owner operators to multi-outlet and fleet operations. Mercado has offices in Calgary and Toronto, 35 employees and administers 1,400 leases.

Westminster Savings has been providing automobile and equipment lease financing for more than 15 years through its wholly owned subsidiary WS Leasing Ltd. The leasing company’s 24 employees manage a lease portfolio of more than $175 million from offices in New Westminster and Calgary. WS Leasing Ltd. is one of B.C.’s leading vehicle and equipment leasing companies.

Westminster Savings Credit Union has more than $1.5 billion in assets and provides a full range of banking and wealth management products and services. Its 375 employees serve more than 51,000 members through retail branches in suburban Vancouver.