CHICAGO, Ill. — Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Co. (NYSE: WFC) announced it has extended its inventory financing program with Briggs & Stratton Power Products Group, a wholly owned subsidiary of Briggs & Stratton Corp. (NYSE: BGG), the world’s largest producer of gasoline engines for outdoor power equipment, through 2021. The extension will be used to support wholesale floorplan financing of consumer and commercial riding equipment, portable generators, pressure washers, snow blowers and lawn mowers.
Headquartered in Wauwatosa, Wis., Briggs & Stratton products are serviced in over 100 countries. As a preferred financer, CDF will be supporting more than 2,800 dealerships in the Briggs & Stratton network in both the U.S. and Canada. Brands supported include Briggs & Stratton, Simplicity, Snapper, Snapper Pro, Ferris and Billy Goat.
“CDF’s flexible, customer-based financing solutions are essential to our success.” said Harold Redman, president of the Briggs & Stratton Turf & Consumer Products Group. “This extension will ensure that our North American dealers have the best financing tools available to help them manage their business.”
“We’re excited to be able to lend our industry expertise to such an innovative and recognizable name in the market like Briggs & Stratton,” said Mike Horak, president of CDF’s outdoor products group. “The outdoor product industry has seen solid growth in the last year and is steadily growing. At Wells Fargo CDF, we are able to offer additional financial products while continuing to help Briggs & Stratton dealers continue on this growth trajectory.”
About Wells Fargo Commercial Distribution Finance
Commercial Distribution Finance (CDF) provided $47 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale will be completed as a phased approach with the remainder of the business closing globally in 2016. For more information, visit wellsfargo.com/cdf or follow company news via Twitter @geinventoryfin.