WAYZATA, Minn. & BRILLION, Wis.--(BUSINESS WIRE)--TCF Inventory Finance, Inc. (“TCFIF”), a subsidiary of TCF National Bank and an indirect subsidiary of TCF Financial Corporation (“TCF”) (NYSE: TCB), and Ariens Company (Ariens) announced today a definitive agreement to provide inventory financing to more than 1,500 Ariens and Gravely dealers across the United States and Canada. TCFIF will be the exclusive financing provider for its portfolio of lawn and garden equipment.
"TCF has a proven track record in the outdoor power equipment industry and we believe this new relationship will be mutually beneficial to Ariens Company, TCF and dealers," said Mark Olsen, Ariens Company’s chief financial officer. "As our dealer network continues to grow sales of Ariens and Gravely products, we look for partners who can meet their changing needs and the needs of our customers."
The Ariens Company portfolio of brands includes some of the oldest and most respected names in the outdoor power equipment industry. The multi-year strategic alliance with TCFIF will enable dealers to stock a wide selection of all Ariens® and Gravely® products including snow blowers, riding mowers, walk behind mowers, and commercial outdoor power equipment.
“We are pleased that Ariens has selected TCF Inventory Finance to be its exclusive finance provider for dealers of the Ariens Company in the United States and Canada,” said Ross Perrelli, president and chief executive officer of TCF Inventory Finance. “We are confident that TCF Inventory Finance will deliver a stable source of capital and outstanding customer service to Ariens’ dealers.”
TCF Vice Chairman and President Craig Dahl added, “Backed by the strength of our well-capitalized bank, TCF Inventory Finance continues to provide industry-leading financing solutions and best-in-class service for its customers. We’re pleased with the continued momentum of this business and its ability to partner with many of the world’s most respected brands.”
Ariens Company is a leading manufacturer of outdoor power equipment for both consumer and professional use. The company's premium international brands include Ariens Sno-Thro®, Sno-Tek® and Ariens lawn and garden products for residential consumers; Countax® and Westwood® lawn tractors; and Gravely® commercial equipment for the landscape management and facilities maintenance sectors.
About TCF
TCF is a Wayzata, Minnesota-based national bank holding company. As of March 31, 2015, TCF had $20 billion in total assets and 379 branches in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, South Dakota and Wisconsin, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. For more information about TCF, visit tcfbank.com.
About TCF Inventory Finance, Inc.
TCFIF is a premier inventory finance company offering a full range of inventory financing solutions to manufacturers, distributors and their dealers throughout the United States and Canada in the powersports industry, the lawn and garden industry, the recreational vehicle industry, the marine products industry, construction industry, agriculture industry and the consumer electronics and appliances industry. TCFIF originated nearly $5.5 billion in working capital to over 9,500 customers in 2014. For more information about TCFIF, please visit www.tcfif.com.
About Ariens Company
Based in Brillion, Wis., Ariens Company is a privately-owned and operated corporation focused on outdoor products that serve the needs of both consumer and professional customers. Established in 1933, the company manufactures original outdoor power equipment under the Ariens®, Gravely®, Sno-Tek®, Countax® and Westwood® brands. As a distributor of specialty equipment, supplies and gear, Ariens Company serves niche outdoor segments through direct marketing brands Gempler’s®, Ben Meadows®, AW Direct®, Stens®, J Thomas® and Bynorm®. Visit http://www.ariensco.com for more information.
