Business
Equitable Group to Acquire Equipment Finance Company in Accretive, All-Cash Transaction
Equitable Group to Acquire Equipment Finance Company in Accretive, All-Cash Transaction ...
About this update from Eqb Inc
[{"type":"text","content":"\n\n\n\nEquitable Group to Acquire Equipment Finance Company in Accretive, All-Cash Transaction\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 3, 2018\n\n\n\nTORONTO, Dec. 3, 2018 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB.PR.C) (\"Equitable\" or the \"Company\") today announced it has reached an agreement to acquire Bennington Financial Services Corp, a profitable and growing privately owned company serving the brokered equipment leasing market in Canada.\nBennington was founded in Oakville, Ontario in 1996 and has developed a strong market position in non-prime equipment leasing. It has a portfolio of over $400 million of leases managed by a team of 125 professionals. Bennington finances a wide range of assets with a focus on transportation, construction and food service equipment, has long-tenured relationships with professional leasing brokers throughout Canada, and employs a proven approach to adjudication with emphasis on lease structure, security and re-marketability. \nThis transaction furthers Equitable's goal of broadening its reach as Canada's Challenger Bank™, with diversification into adjacent markets that complement its other secured lending businesses and broker-led distribution model.\n\"We are delighted that the team at Bennington has chosen to join with us to bring a new level of service to customers in Canada's multi-billion-dollar equipment finance market,\" said Andrew Moor, President and Chief Executive Officer. \"As Canada's Challenger Bank™, Equitable is strategically committed to growing and diversifying our secured lending businesses in attractive markets where we can establish distinct competitive advantages. Equipment finance is one of those markets. With its large, independent distribution network and proven underwriting, servicing and recovery processes, Bennington provides a unique competitive platform to fulfill our ambitions on a profitable, risk-managed basis.\"\nThe all-cash transaction will be immediately accretive to Equitable's earnings, in the range of $0.35 to $0.40 per share...