Maxium Financial Services and Desante Financial Services, collectively referred to as the Maxium Group, have entered into an agreement to sell all of its future business to Canadian Western Bank and will retain the existing portfolio. The transaction is subject to various regulatory approvals and is expected to close in the first calendar quarter of 2016.
“We are excited to become part of CWB Group, and will have the ability to retain our culture, people and unique operating style. We believe our company culture has contributed to our success and this was a condition when identifying the right purchaser,” said Daryl MacLellan, Desante’s president. “As a partner company within CWB Group, we will have access to enhanced funding, flexible lending terms and better resources for our customers, resulting in opportunities for growth in existing and new markets. Other than the foregoing positive influences, we expect to maintain business as usual.”
“This is a tremendous opportunity for our business teams to join forces with a respected financial institution that we have come to know well over the past number of years,” said Paul McLean, CEO and founding partner of Maxium Group. “Becoming part of the CWB Group significantly expands our funding capabilities and access to capital, and provides additional resources to help us achieve our full potential. Ultimately, we expect this partnership will facilitate our ambitions to help more customers, in more ways, and take us to another level of service, performance and growth. We look forward to our part in further building CWB Group’s profile across the country, and particularly in Ontario, where we currently have more than 40 employees and over 80% of our business.”
Based in Richmond Hill, ON, Maxium was founded in 1993 and provides niche financing to quality businesses underserviced by traditional lenders. As one of Canada’s largest privately held financing companies, Maxium offers golf equipment and mortgage financing, condominium and strata maintenance and repair loans, energy and renewable project financing, vendor programs, furniture and fixture financing and transportation financing across Canada. Desante became part of the Maxium Group in 2004 and specializes in healthcare financing for professionals.
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