SCG traces its roots to 1980, when Somerset Investment Services (“SIS”) was founded to focus on leasing information technology equipment to Fortune 500 companies.
SIS entered into its first lease with ITT Corporation. ITT remains SCG’s customer today.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
1984
Mr. Wasmer established Somerset Investment Services, Ltd. (“SISL”) as a minority-owned business enterprise. SISL was acquired by Neptune Computer Holding Ltd., a New York-based lessor of information technology equipment.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
1985
Goldome Federal Savings Bank acquired Neptune.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
1988
Mr. Wasmer and Mr. Sternstein left Goldome to form a new company, St. James Leasing, Ltd. (“St. James”); Mr. Wasmer served as CEO and Mr. Sternstein served as CFO. St. James entered into its first lease with IBM Corporation. IBM remains a customer of SCG today.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
1991
St. James generated $25 million of new lease originations.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
1995
Mr. Sternstein was forced to resign as CFO and forfeit his ownership stake in St. James when it was discovered that he had embezzled funds from the company and financed fraudulent lease transactions with lenders to the company. St. James entered into a plan to repay the amounts owed to its lenders, and such amounts were repaid in full, with interest, by November 1997.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
1996
Evan Bokor (SCG’s current chief executive officer) joined St. James as chief financial officer. Somerset Capital Group, Ltd. (SCG) was formed to become the new operating entity for St. James and SISL.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
1997
SCG entered the material handling equipment market. By 2002, material handling equipment had become SCG’s largest business segment.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
1999
St. James and SISL were merged into SCG. SCG entered into its first funding program, a $41 million pool used to fund equity in operating lease transactions, with Wafra Investment Advisory Group. SCG achieved solid growth, exceeding $100 million of new lease originations. SCG also acquired the equipment lease portfolio of LEC Leasing, adding several significant clients (Bank of America, Tiffany & Co., others). SCG established Somerset Technology Sales (“STS”) to buy, sell and remarket information technology assets.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
2002
SCG’s new lease volume exceeded $200 million in original equipment cost. SCG added Kellogg Company as a customer. Kellogg is now SCG’s largest customer.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
2003
SCG acquired a $30 million equipment lease portfolio from an operator of an equipment leasing income fund. SCG also purchased a lease portfolio from a German bank.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
2006
SCG established Somerset Equipment Sales (“SES”) to focus on buying, selling and remarketing forklifts and other material handling equipment.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
2007
The management team consummated a buyout of SCG, redeeming the shares held by founder Pedro Wasmer and non-management shareholders. Wafra provided funding to execute the buyout. Mr. Wasmer retired, and Evan Bokor became SCG’s president and chief executive officer. Adam Simon became executive vice president of sales. SCG entered the Canadian market.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
2008
SCG entered the Asian market, establishing operations in Singapore. SCG also acquired a $15 million leasing portfolio from a bank. SCG’s new lease originations reached $276 million in 2008, a record level of new business production for SCG.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
2009
Mark Fiorentino joined SCG as chief operating officer responsible for operations, credit and collections.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
2010
SCG acquired a $22 million equipment lease portfolio from Velocity Financial Group. Also in 2010, SCG entered the equipment leasing market in Taiwan.[/vc_column_text][/dt_timeline_item][dt_timeline_item][vc_column_text]
2010
SCG formed Somerset Aviation Capital to expand its nine year presence in the aircraft ground support equipment asset segment.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
SCG acquired a long-tenured independent equipment leasing organization focused on servicing vendor partnerships. SCG establishes Somerset ATE Solutions, Ltd. to provide leasing, short-term rentals and equipment supply for semiconductor test equipment.[/vc_column_text][/dt_timeline_item][dt_timeline_item position=”right”][vc_column_text]
2016
SCG acquired a independent leasing organization focused on providing leasing services to a clientele of mid-sized banks in the US.[/vc_column_text][/dt_timeline_item][/dt_timeline][vc_empty_space][/vc_column][/vc_row][vc_row expanded=”2″ background_style=”fixed” background_image=”12766″ css=”.vc_custom_1461070584186{margin-top: 0px !important;margin-bottom: -30px !important;}”][vc_column][vc_empty_space][vc_column_text css=”.vc_custom_1458071968014{margin-top: 20px !important;}”]
From select vertical market specialties and equipment sales operations to vendor financing and our leading indirect, third party origination team, the Somerset family of companies and capabilities position our customers with unique, flexible and competitive offerings. Click each name below to learn more.
