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MBN USA

April 23, 2021

Equipment leasing MBE adds value for Fortune 500 clients

By Tonya McMurray

Pacific Rim Capital Inc. has established itself as a viable competitor to big name banks, captive lessors and other large leasing companies.

“We connect with large companies as a minority-owned business but, most important, the connection is about the value we create,” said Marc Mills, co-founder and CEO of Pacific Rim Capital, or PRC. “The fact that we’re a diverse, certified minority business enterprise is the cherry on top.”

He and CEO Emeritus David Mirsky founded PRC in 1990. Over its 30-year history, the company has grown into the largest independent material handling equipment leasing company in North America. PRC specializes in leasing equipment for distribution centers, manufacturing plants, refineries and warehouses.

“We went into business to be the best leasing company, and a key success for us has been our ability to fiercely compete,” he said.

Based in Irvine, California, PRC employs 75 staff members and manages nearly $1 billion of equipment assets.

“Our diverse workforce specializes in a number of multifaceted disciplines, including business analytics and fleet management, to deliver customized solutions that help our customers win,” Mills said.

As a major leasing supplier to the automotive industry, one of PRC’s key automotive customers is Nissan Motor Co. Ltd., a relationship that began in 2015. Like many automotive companies, Nissan is dedicated to providing opportunities for minority-owned businesses.

“The automotive industry is very committed to supplier diversity,” Mills said. “From the beginning, Nissan has played a pivotal role.”

He said advocacy and accountability by Nissan’s senior leadership and a dedicated supplier diversity team have made all the difference. Mills also appreciates the advocacy and support from other original equipment manufacturers and primes in the automotive industry who are equally committed to the mission of supplier diversity.

In 2019, PRC established a strategic partnership with one of Asia’s largest lessors: Fuyo General Lease Co. Ltd., headquartered in Tokyo, Japan. The partnership will allow PRC to expand its service beyond North America by offering financing to multinational companies throughout Asia.

Overcoming the challenges of being Black in America

“Minority-owned businesses must be given opportunities to compete. Without opportunities, there is no way forward,” Mills said. “And sometimes you have to work even harder to create your own opportunities. We welcome challenges and opportunities to break barriers and achieve.

“In addition to the daily challenges of creating and running a successful business, we face all the challenges of being Black in America,” he continued. “A key to our success, and one way to even the playing field, is to create a place where a diverse group of talented, driven associates receive the requisite training and education in business to succeed. Ultimately, success is not based on privilege, but meritocracy.”

Along with providing an opportunity for employees, Mills believes it’s important for PRC to give back to the community.

“Business leaders have a responsibility to grow successful businesses, create value and generate profits, but they also exist to contribute to society by providing opportunities for all people and by investing in communities,” he said.

PRC was a major supporter of the National Minority Supplier Development Council Inc.’s In This Together campaign to encourage minority business education and development. In their local Southern California community, PRC is a supporter of the Aquarium of the Pacific’s African American Scholar Program, which provides scholarships to students pursuing careers in the fields of aquarium studies and ocean sciences.

Moving on from the pandemic

While 2020 was dominated by the impact of the COVID-19 pandemic, PRC functioned as a crucial part of the nation’s critical industry infrastructure, supplying key essential industry groups. The company quickly transitioned to a remote work model that allowed them to remain in constant communication with customers to meet ever-changing business challenges.

“We took significant action to support our customers by offering creative solutions, restructuring transactions and extending additional credit capacity to help customers with their infrastructure needs,” Mills said.

After working to meet the demands of a challenging year, he is positive in his outlook for the future.

“We are optimistic about the coming year,” Mills said. “We look for the economy to continue to recover, and we anticipate the growing demand for infrastructure and capital equipment investment at large Fortune 500 companies. As always, we look forward to supporting their growth.”