MONTREAL, April 6, 2022 / CNW Telbec / – Fairstone Financial Inc. (“Fairstone” or the “Company”), a leading Canadian provider of responsible lending solutions, announced today that it has entered into an agreement to acquire all of the issued and circulation of EdenPark Inc. (“EdenPark”), a Ontarioa company offering car financing to consumers close to premium through Canada.
“This transaction fits perfectly with our growth strategy and value creation plan, and will solidly establish our market position as a major player in the automotive finance industry while adding a growing and successful platform. , backed by an extensive dealer network,” said Scott Wood, President and Chief Executive Officer of Fairstone Financial. “As we continue to significantly expand our presence in the auto finance market, we are very pleased to welcome Marc Eleoff and the highly experienced EdenPark team.”
“We are excited to continue building our very successful business under the Fairstone umbrella,” said Marc Eleoff, CEO of EdenPark. “With our combined strengths, expertise and vast experience, we are now much more competitive and increasingly better positioned to meet the growing demand for the services we provide.”
With financial claims of approx. $350 million and an established nationwide network of over 4,000 pre-qualified car dealerships, EdenPark is the largest independent car finance company focusing on the near-premium customer segment in Canada. Building on its track record of consistent profitable growth since inception, EdenPark will continue to execute its strategic growth plan within the wider Fairstone organization.
RBC Capital Markets acted as financial advisor and Stikeman Elliott LLP acted as legal advisor to EdenPark. Torys LLP acted as legal counsel to Fairstone. The acquisition is subject to customary closing conditions, including regulatory approval.
About Fairstone Financial Inc.
Fairstone Financial is one of Canada’s leading providers of responsible credit solutions, with nearly 100 years of history. Fairstone is an operating subsidiary of Duo Bank of Canada and, combined, have over 1.5 million customers and $5 billion of assets on a consolidated basis. With nearly 1,500 employees nationwide, the combined entity provides services across two business lines. The direct lending business provides prime customers with unsecured personal loans, secured personal loans, mortgages and optional ancillary products such as consumer credit insurance online and at more than 240 branches in a coast to coast. Indirect Lending business includes credit cards, rewards programs, retail point-of-sale (“POS”) financing through merchants, automotive and powersports through dealerships . Fairstone was again named one of from Montreal best employers for 2022. More on: www.fairstone.ca and duobank.com.
About EdenPark Inc.
EdenPark is a Ontario-automotive financing provider based in Canadaserving more than 4,000 dealers and tens of thousands of consumers, coast to coast, since 2012. EdenPark has been recognized, year after year, as one of the from Canada fastest growing companies. The EdenPark team is made up of 120 professionals with decades of experience in the financial industry, focused on building long-term, trusted relationships with car dealerships and consumers around the world. Canada.
More than: www.edenparkcanada.com.
SOURCE Fairstone Financial Inc.