TORONTO and MONTREAL, Jan. 5, 2021 /CNW Telbec/ – Duo Lender of Canada (“Duo Financial institution”), a Toronto-primarily based fiscal expert services provider supported by Stephen Smith, Centerbridge Partners L.P. and Ontario Teachers’ Pension Program Board (“Ontario Teachers'”), declared nowadays the completion of the acquisition of all excellent shares of Fairstone Money Holdings Inc. (“Fairstone” or the “Corporation”). Headquartered in Montreal, Fairstone is Canada’s foremost company of liable credit alternatives for in close proximity to-prime borrowers with above $3 billion in property on a consolidated foundation.
“We’re delighted to be partnering with the gifted staff at Fairstone in pursuit of our complementary and aligned strategic development targets, including our mutual, local community-pushed concentration on delivering Canadians with access to monetary solutions that in good shape their requires,” stated Trudy Fahie, Chief Executive Officer of Duo Financial institution.
“The closing of this transaction signifies an remarkable new stage of development for Fairstone and added chances for our consumers, employees and stakeholders,” claimed Scott Wooden, President and Main Government Officer of Fairstone. “We glimpse forward to partnering with Duo Bank, Stephen, Centerbridge and the Ontario Teachers’ teams, as we execute our multi-12 months progress strategy with a potent client and neighborhood focus driving our economic merchandise offerings.”
The acquisition contains all of Fairstone’s functions and subsidiaries as well as all the Firm’s about 1,400 employees. Fairstone will continue to function underneath its recent model. Conditions of the transaction will not be disclosed.
RBC Capital Markets and CIBC Capital Markets acted as monetary advisors and Torys LLP and Freshfields Bruckhaus Deringer US LLP were being authorized counsel to Duo Lender in relationship with the transaction. McMillan acted as lawful counsel to Stephen Smith, Willkie Farr & Gallagher LLP acted as authorized counsel to Centerbridge Companions L.P. and Osler, Hoskin & Harcourt LLP acted as legal counsel to Ontario Teachers’.
About Fairstone Money Holdings Inc.
Fairstone, by means of its operating subsidiary, Fairstone Financial Inc., is Canada’s leading supplier of dependable lending options for close to-primary borrowers with above $3 billion in property on a consolidated foundation. Fairstone, together with by its predecessors, has close to a 100-year historical past of supplying Canadians with entry to accountable credit history. The Enterprise has two crucial enterprise traces: lending instantly to buyers as a result of its department community and on the net and funding buyer retail and automobile buys by way of vendors and dealerships. Headquartered in Montreal, Fairstone is an operating subsidiary of Duo Bank of Canada. Additional at www.fairstone.ca.
About Duo Bank of Canada
Duo Bank is a Timetable I Canadian Lender founded on a mission to present worth-driven financial solutions that are distinct and straightforward, to help Canadians aim on what issues to them. Duo Lender specializes in turnkey and customizable economic solutions alternatives developed to deepen buyer loyalty and mature product sales. The expanding enhance of merchandise and services includes credit score cards, benefits packages and similar defense companies and deposits. With a benefit-pushed approach to economic services, strong sales channels and innovative and efficient operational remedies, Duo Bank associates with industry foremost provider providers to provide money answers for its consumers. Headquartered in Toronto, Duo Lender is privately held by an investor team led by resources managed by affiliates of Stephen Smith, Centerbridge Companions, L.P. and Ontario Teachers’ Pension System Board. More at www.duobank.com.
About Stephen Smith
Stephen Smith, a single of Canada’s primary monetary providers entrepreneurs, is the Chairman, CEO and Co-founder of First Nationwide Economical Company, Canada’s major non-bank home loan loan provider with above $115 billion of home loans less than administration. He is the Chairman of Canada Warranty Mortgage loan Coverage Firm, which he owns in partnership with Ontario Teachers’ Pension Program and is the most significant shareholder in Equitable Financial institution, Canada’s Challenger BankTM. In 2015, Queen’s College introduced the naming of the Stephen J.R. Smith School of Business at Queen’s University in honour of Mr. Smith and his historic $50 million donation to the faculty.
About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is a non-public expenditure administration company employing a adaptable tactic across investment disciplines—from private equity to credit score and connected approaches, and serious estate—in an exertion to obtain the most eye-catching chances for our buyers and organization associates. The Firm was launched in 2005 and as of November 30, 2020 has around $28 billion in funds below administration with places of work in New York and London. Centerbridge is devoted to partnering with planet-class management groups across qualified business sectors and geographies to support corporations obtain their running and economical objectives. For extra details, you should visit www.centerbridge.com.
About Ontario Teachers’
The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s major one-career pension program, with $204.7 billion in net assets (all figures at June 30, 2020 until famous). It retains a varied world portfolio of belongings, roughly 80% of which is managed in-residence, and has acquired an yearly complete-fund internet return of 9.5% given that the plan’s founding in 1990. Ontario Teachers’ is an unbiased business headquartered in Toronto. Its Asia-Pacific regional places of work are in Hong Kong and Singapore, and its Europe, Middle East & Africa region workplace is in London. The outlined-advantage prepare, which is thoroughly funded as of January 1, 2020, invests and administers the pensions of the province of Ontario’s 329,000 lively and retired teachers. For a lot more information and facts, visit otpp.com and comply with us on Twitter @OtppInfo.
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Resource Fairstone Fiscal Holdings Inc.