Fairstone expands its auto lending business with the acquisition of Eden Park, positioning the Company as a leader in the fast-growing near-prime automobile financing industry in Canada.
MONTREAL and TORONTO, Sept. 6, 2022 /CNW Telbec/ – Fairstone Bank of Canada (“Fairstone Bank”), through its wholly owned operating subsidiary, Fairstone Financial Inc. (“Fairstone” or “the Company”), confirmed today the closing of the transaction announced on April 6, 2022, thereby concluding Fairstone’s acquisition of all of the issued and outstanding shares of Eden Park Inc. (“Eden Park”), an Ontario-based company offering automobile financing to near-prime consumers across Canada.
“We are pleased to announce the close of our Eden Park transaction and look forward to the next steps as we integrate and unify the companies,” said Scott Wood, President and CEO of Fairstone Bank. “This acquisition further solidifies our position as a leader in the fast-growing near-prime automobile financing industry in Canada. In addition, it supports the diversification of the Company’s consumer lending business and is another key element in our commitment to providing innovative, accessible value-driven financial solutions designed to enable consumers, merchants and dealers to excel in what matters most.“
“As we look to significantly expand our presence in the automobile financing market, we are very pleased to welcome Mark Eleoff and the highly experienced team at Eden Park. I look forward to working together as we integrate the two companies,” added Mr. Wood. Moving forward, Fairstone’s automobile financing business and EdenPark will be managed and operated as one entity.
“Today is an incredible milestone for Eden Park as we join forces with Fairstone Bank. Since our inception, we have built a track record of consistent profitable growth while originating over $1 billion in auto loans in Canada. Our focus now turns to business integration and accelerating our overall growth strategy,” said Mark Eleoff, CEO of Eden Park Inc. “The synergy between our two companies is unique. There is no doubt that our combined strengths, expertise, and extensive experience will play a significant role in our future success.”
With finance receivables of approximately $400 million and an established, nationwide network of automobile dealers, Eden Park is the largest independent automobile financing company focusing on the near-prime consumer segment in Canada.
RBC Capital Markets acted as financial advisor and Stikeman Elliott LLP as legal advisor to Eden Park. Torys LLP acted as legal advisor to Fairstone.
About Fairstone Bank of Canada
Fairstone Bank of Canada and its subsidiary, Fairstone Financial Inc., form a leading consumer lending group. Fairstone Bank and Fairstone provide innovative, value-driven financial services that enable Canadian consumers and businesses to achieve their goals. Collectively, the Bank and its subsidiaries offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and at over 240 Fairstone branches coast to coast. With a long-established Canadian history, Fairstone Bank and Fairstone are committed to improving the lives of Canadians with value-driven and accessible financial solutions. More at FairstoneBank.ca and Fairstone.ca.
About Eden Park Inc.
Eden Park is an Ontario-based vehicle financing provider in Canada, servicing a nationwide network of automobile dealers and tens of thousands of consumers, coast to coast, since 2012. Eden Park has been recognized, year over year, as one of Canada’s fastest-growing companies. The Eden Park team is comprised of 120 professionals with decades of financial industry experience focused on building long-term trusted relationships with automobile dealers and consumers across Canada. More at: www.edenparkcanada.com.
SOURCE Fairstone Financial Inc.
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