ORIX Corp. USA agreed to acquire commercial finance firm NXT Capital, both companies announced.
Terms were not disclosed.
NXT, a midmarket structured finance provider, will become a subsidiary of ORIX USA, with NXT Chairman and CEO Robert E. Radway retaining his titles and responsibilities, according to a joint news release from the firms. NXT will also retain its brand name.
ORIX USA is an asset servicing and alternative investment firm with strategies including real estate, private equity and energy; it has a combined $57 billion in assets under management and administration, according to its website.
The C$189.5 billion ($142.7 billion) Ontario Teachers' Pension Plan, Toronto, in September 2010 acquired a minority stake in NXT for C$150 million, according to a NXT news release announcing that deal. A spokesman at OTPP would not comment on the ORIX-NXT acquisition deal.