Fairstone Money Holdings Inc. Obtained by Duo Financial institution of Canada

TORONTO and MONTREAL, Jan. 5, 2021 /PRNewswire/ – Duo Financial institution of Canada (“Duo Bank”), a Toronto-centered economic companies provider supported by Stephen Smith, Centerbridge Companions L.P. and Ontario Teachers’ Pension Prepare Board (“Ontario Teachers’”), introduced right now the completion of the acquisition of all superb shares of Fairstone Fiscal Holdings Inc. (“Fairstone” or the “Company”). Headquartered in Montreal, Fairstone is Canada’s top supplier of dependable credit rating options for in the vicinity of-key debtors with over $3 billion in belongings on a consolidated basis.

“We’re happy to be partnering with the proficient team at Fairstone in pursuit of our complementary and aligned strategic growth goals, like our mutual, local community-pushed emphasis on delivering Canadians with accessibility to money alternatives that match their requires,” stated Trudy Fahie, Chief Executive Officer of Duo Bank.

“The closing of this transaction signifies an exciting new section of progress for Fairstone and further prospects for our shoppers, workers and stakeholders,” stated Scott Wooden, President and Main Executive Officer of Fairstone. “We search forward to partnering with Duo Lender, Stephen, Centerbridge and the Ontario Teachers’ groups, as we execute our multi-calendar year expansion system with a potent buyer and community aim driving our fiscal products choices.”

The acquisition consists of all of Fairstone’s functions and subsidiaries as properly as all the Company’s approximately 1,400 staff members. Fairstone will continue on to function less than its present model. Terms of the transaction will not be disclosed.

RBC Funds Markets and CIBC Funds Markets acted as economical advisors and Torys LLP and Freshfields Bruckhaus Deringer US LLP were authorized counsel to Duo Financial institution in relationship with the transaction. McMillan acted as legal counsel to Stephen Smith, Willkie Farr & Gallagher LLP acted as authorized counsel to Centerbridge Partners L.P. and Osler, Hoskin & Harcourt LLP acted as authorized counsel to Ontario Teachers’.

About Fairstone Fiscal Holdings Inc.
Fairstone, via its running subsidiary, Fairstone Money Inc., is Canada’s major company of liable lending answers for around-primary borrowers with around $3 billion in property on a consolidated foundation. Fairstone, including through its predecessors, has near to a 100-yr historical past of furnishing Canadians with obtain to liable credit score. The Company has two key business traces: lending instantly to individuals by means of its department community and on the internet and financing customer retail and car purchases as a result of suppliers and dealerships. Headquartered in Montreal, Fairstone is an operating subsidiary of Duo Bank of Canada. Extra at www.fairstone.ca.

About Duo Bank of Canada
Duo Lender is a Timetable I Canadian Financial institution launched on a mission to offer benefit-driven economical goods that are distinct and simple, to support Canadians focus on what issues to them. Duo Financial institution specializes in turnkey and customizable financial companies methods made to deepen purchaser loyalty and increase gross sales. The escalating complement of merchandise and products and services contains credit rating playing cards, benefits packages and associated protection solutions and deposits. With a value-pushed tactic to monetary solutions, robust sales channels and ground breaking and effective operational methods, Duo Financial institution companions with industry leading provider suppliers to supply economic options for its consumers. Headquartered in Toronto, Duo Lender is privately held by an trader team led by funds managed by affiliate marketers of Stephen Smith, Centerbridge Companions, L.P. and Ontario Teachers’ Pension Strategy Board. A lot more at www.duobank.com.

About Stephen Smith
Stephen Smith, just one of Canada’s main economical solutions business people, is the Chairman, CEO and Co-founder of Very first Countrywide Fiscal Company, Canada’s most significant non-financial institution home loan financial institution with around $115 billion of home loans beneath administration. He is the Chairman of Canada Warranty Mortgage loan Insurance coverage Corporation, which he owns in partnership with Ontario Teachers’ Pension Plan and is the premier shareholder in Equitable Financial institution, Canada’s Challenger BankTM. In 2015, Queen’s College declared the naming of the Stephen J.R. Smith School of Enterprise at Queen’s College in honour of Mr. Smith and his historic $50 million donation to the university.

About Centerbridge Companions, L.P.
Centerbridge Associates, L.P. is a private financial investment management company employing a flexible tactic throughout expense disciplines—from private equity to credit rating and relevant tactics, and actual estate—in an effort to find the most attractive alternatives for our traders and business enterprise partners. The Agency was founded in 2005 and as of November 30, 2020 has roughly $28 billion in funds underneath administration with places of work in New York and London. Centerbridge is committed to partnering with entire world-class administration teams across focused business sectors and geographies to assist providers achieve their operating and financial goals. For far more details, you should visit www.centerbridge.com.

About Ontario Teachers’
The Ontario Teachers’ Pension Prepare Board (Ontario Teachers’) is the administrator of Canada’s most significant solitary-career pension strategy, with $204.7 billion in internet property (all figures at June 30, 2020 unless of course observed). It retains a assorted world wide portfolio of belongings, approximately 80% of which is managed in-residence, and has acquired an annual complete-fund net return of 9.5% considering that the plan’s founding in 1990. Ontario Teachers’ is an independent group headquartered in Toronto. Its Asia-Pacific regional offices are in Hong Kong and Singapore, and its Europe, Center East & Africa area office environment is in London. The described-benefit program, which is thoroughly funded as of January 1, 2020, invests and administers the pensions of the province of Ontario’s 329,000 active and retired teachers. For more information and facts, check out otpp.com and comply with us on Twitter @OtppInfo.

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