Fairstone Financial Inc. Strengthens its Automobile Financing Business with the Signing of a Definitive Agreement to Acquire EdenPark Inc.

MONTREAL, April 6, 2022 /CNW Telbec/ Fairstone Fiscal Inc. (“Fairstone” or “Firm”), a leading Canadian service provider of responsible lending options, declared today that it has entered into an settlement to obtain all of the issued and fantastic shares of EdenPark Inc. (“EdenPark”), an Ontario-centered organization providing car financing to in close proximity to-prime buyers across Canada.

“This transaction is properly aligned with our progress system and value creation prepare, and will firmly set up our market place as a big player in the car funding business even though including a rising and properly-carrying out system, supported by a sizeable seller network,” stated Scott Wood, President and CEO at Fairstone. “As we keep on to noticeably broaden our existence in the car financing market, we are extremely pleased to welcome Mark Eleoff and the really experienced team of EdenPark.”

“We are pretty thrilled to go on making our highly profitable organization below the Fairstone umbrella,” claimed Mark Eleoff, CEO of EdenPark. “With our mixed strengths, know-how, and extensive experience, we are now significantly far more aggressive and more and more perfectly-positioned to meet the escalating demand for the expert services we give.”

With finance receivables of approx. $350 million and an established, nationwide network of extra than 4000 pre-experienced vehicle sellers, EdenPark is the major, independent car finance enterprise with a focus on the in the vicinity of-key consumer phase in Canada. Making on its keep track of history of reliable profitable development considering the fact that inception, EdenPark will continue to execute on its strategic growth plan inside the broader Fairstone corporation.

RBC Money Markets acted as financial advisor and Stikeman Elliott LLP as legal advisor to EdenPark. Torys LLP acted as authorized advisor to Fairstone. The acquisition is subject to customary closing situations, such as regulatory approval.

About Fairstone Money Inc.

Fairstone is a foremost Canadian service provider of accountable lending answers, with near to a 100-yr background. Fairstone is an operating subsidiary of Duo Financial institution of Canada and, combined, have above 1.5 million shoppers and $5 billion in belongings on a consolidated basis. With almost 1,500 personnel nationally, the merged entity offers services by way of two small business traces. The Direct Lending business enterprise offers in the vicinity of-key customers unsecured own financial loans, secured particular loans, mortgages and optional ancillary products and solutions this sort of as creditor insurance plan to customers on the internet and in over 240 branches from coast to coastline. The Oblique Lending business encompasses credit rating playing cards, benefits programs, retail issue-of-sale (“POS”) funding as a result of retailers, car and electricity athletics through dealerships. Fairstone has once more been named just one of Montreal’s leading employers for 2022. Additional at: www.fairstone.ca and www.duobank.com.

About EdenPark Inc.

EdenPark is an Ontario-dependent car financing provider in Canada, servicing additional than 4000 dealers and tens-of-hundreds of buyers, coast to coast, considering that 2012. EdenPark has been recognized, 12 months around 12 months, as a single of Canada’s fastest expanding corporations. The EdenPark staff is comprised of 120 professionals with many years of financial field practical experience focused on developing very long-time period reliable associations with automobile dealers and individuals across Canada.

More at: www.edenparkcanada.com.

Source Fairstone Monetary Inc.

For even more facts: Fairstone Economical Inc. Get in touch with: Caroline Morin, Vice President, Company Communications, [email protected], 1 (833) 461-2900 EdenPark Inc. Make contact with: Mark Eleoff, Main Govt Officer, [email protected], 1 (855) 366-8667