Servus Credit Union acquired Stride Capital, a Calgary, AB-based equipment financing and leasing provider.

“We are excited that Servus and Stride are coming together to deliver ongoing exceptional leasing services to Stride’s existing and new clients and Servus’s membership of over 380,000 Albertans,” Ian Burns, president and CEO of Servus Credit Union, said. “Stride’s leasing services will be available to Servus’s commercial members, giving them greater access to credit and features to help them grow their own enterprises, while Stride’s existing clients will benefit from more and larger leasing opportunities owing to Servus’s financial strength.”

Backed by Servus Credit Union, Stride Capital will continue to offer lease financing for businesses, helping them expand their equipment, machinery and operations in the agriculture, construction, energy, forestry, manufacturing, mining and transportation industries across Canada.

“Through this arrangement with Servus, we see tremendous opportunity for the expansion of our business in the provinces where we operate,” Randy Mannix, president of Stride Capital, said. “We will be able to provide our customers with increased access to capital, while most of our management group and all 20 employees will become part of the new subsidiary.”

Earlier this year, Servus Credit Union announced its intention to amalgamate with connectFirst Credit Union. Stride Capital’s specialty leasing services would be available to all members of this new entity should the amalgamation proceed.