North Mill Equipment Finance LLC has acquired Pawnee Leasing Corporation from Chesswood Group Limited

March 2025 — Pawnee Leasing Corporation and certain other assets have been acquired by North Mill Equipment Finance LLC (NMEF). This acquisition increases NMEF’s total gross receivables under management to over US$2 billion. As part of the integration, NMEF is retiring the Pawnee brand, discontinuing new originations under that name and assuming servicing responsibilities for existing partnerships, while welcoming over half of Pawnee’s experienced team to support continued operational strength and growth.

NMEF originates and services small- to mid-ticket equipment leases and loans ranging from US$15,000 to US$5,000,000. The company serves a broad range of industry sectors, including construction, transportation, vocational services, medical, manufacturing, technology, franchising, renovation, janitorial and material handling. NMEF is majority-owned by an affiliate of InterVest Capital Partners. Headquartered in Norwalk, Connecticut, the company also operates regional offices in Irvine, California; Fort Collins, Colorado; Voorhees, New Jersey; Murray, Utah and Montego Bay, Jamaica.

Pawnee was a well-established provider of small-ticket equipment financing solutions, primarily serving the US market through a broad network of referral partners. With an operating history spanning more than 40 years, Pawnee specialized in originating and servicing leases and loans for small and medium-sized businesses across a range of industries. Renowned for its deep industry expertise, scalable platform and strong partner relationships, Pawnee built a portfolio that became a benchmark within the referral-based finance segment. Prior to its acquisition by NMEF, Pawnee operated as a subsidiary of Chesswood Group Limited.

Headquartered in Toronto, Chesswood is a Canadian holding company whose subsidiaries operate in the specialty finance sector. Its activities include equipment financing across North America, as well as vehicle and legal sector financing within Canada. In addition, Chesswood is involved in the origination and management of private credit alternatives for North American investors. The company’s shares were publicly traded on the Toronto Stock Exchange under the symbol CHW.

Our role in the transaction

Oaklins’ team in Canada advised NMEF in the acquisition of Pawnee.