Insight Investments and Harbor Capital Leasing have announced a partnership to accelerate the growth and momentum of their leasing organisations, according to a joint company press release.

Materials handling equipment lessor, Harbor Capital, has joined forces with Insight Investments, a technology leasing company, in a move that creates one of the largest privately-held independent lessors in North America with $1.2bn (£880m) in assets under management.

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“Harbor Capital’s reputation in material handling leasing services is second to none. We are proud to partner with their team and expand our footprint in this space,” said Chris Czaja, president of Insight Investments, LLC.

“Broadening our scope with access to the material handling industry through Harbor Capital’s expertise and established relationships, demonstrates Insight Investments’ commitment to becoming the clear leader in independent business equipment leasing.”

Under the partnership agreement, each company will continue to operate and serve customers independently. Harbor Capital will have access to the experience and expertise of Insight Investment’s three technology-related business units and will gain capital and logistical support to help grow its business.

Insight Investments will obtain immediate entry into a new leasing asset class through its relationship with Harbor Capital.

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“Harbor Capital is a leader in its field and poised for growth,” said Jane Rethmeier, chief executive of Harbor Capital. “Insight Investments has the resources and experience to provide us with the capital support we need to scale quickly. This is a significant competitive advantage as it enables us to accelerate our business while staying focused on exceeding the expectations of our clients.”

Insight Investments is a New Mexico, US-based independent provider of technology leasing solutions for businesses acquiring hardware, software and services. The private, family-owned organisation specialises in the equipment lifecycle including its IT Refresh Contract, Asset Management Online System (AMOS) and Asset Return & Remarketing Center.

Harbor Capital is a Colorado, US-based independent equipment lessor that provides equipment finance, asset management and portfolio servicing for public and private sector companies across various industries with a primary focus on material handling equipment.

“We have known Insight for many years and this partnership makes perfect sense,” said Russ Cohen, President of Harbor Capital.

“Both our companies take a hands-on approach to working with clients, addressing individual needs and providing comprehensive, transparent and flexible leasing arrangements. By coming together, we have created a formidable, truly independent alliance that can offer substantial additional value to our respective customers.”