Westlake Financial Services has purchased automobile lessor Credit Union Leasing of America (CULA) in a transaction that will raise Westlake’s total managed assets by $1.5 billion, from $4.0 billion to $5.5 billion. According to a press release, Westlake’s offerings are complemented by the lease model used by CULA.

A member of the Hankey Group, Internet-based Westlake is a privately held finance company specializing in dealings with automotive installment contracts. CULA provides indirect vehicle leasing services for credit unions. The purchase is expected to support CULA’s advancement by providing increased financial stability and access to various resources.

The cross-office team that advised CULA was led Corporate partner Christian Salaman, and included Corporate partner Jason Stirling, Tax partner Dana Newman, Litigation partner Richard Segal, Executive Compensation & Benefits partner Mark Jones, Employment senior counsel Thomas Makris, Corporate associate Paul Casas, Executive Compensation & Benefits associate Kevin Lin, Tax Associate Ricky Lin and Litigation attorney Kathryn Nyce.