Chesswood Group announced it entered into an agreement to acquire Blue Chip Leasing and EcoHome Financial. The acquisition is expected to enhance Chesswood’s financial and operational strength and growth prospects in several important ways:
Enhances Scale. Significant scale is gained, with a pro forma portfolio of net finance receivables of $315 million as of September 30, 2014.
“We are tremendously excited by the critical mass and breadth of programs this transaction provides Chesswood” said Barry Shafran, Chesswood’s president and CEO. “Blue Chip brings years of experience in the prime equipment finance space and a pattern of growing profitability to Chesswood, which will allow us to have a complete product offering to the commercial equipment finance industry” added Shafran.
Blue Chip is a tenured, prime, small ticket equipment finance company serving brokers and vendors from coast-to-coast in Canada. Blue Chip has almost two decades of experience in the Canadian commercial leasing industry, and had net finance receivables of $74 million as of September 30, 2014.
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