NEW YORK, June 8, 2017 /PRNewswire/ -- Flexpoint Ford,
LLC ("Flexpoint"), a private equity firm focused on the financial
services and healthcare sectors, today announced that Service
Finance Company ("SFC") has agreed to be acquired by ECN Capital
Corp. (TSX:ECN; "ECN Capital"), a leading North American commercial
finance company with total owned and managed assets of more than
$4.6 billion. SFC is a
technology-enabled, point-of-sale originator of financing for home
improvement and solar projects in which Flexpoint has held a
significant minority equity stake since October 2015.
SFC, a nationally licensed sales finance company and third-party
servicer authorized to conduct business in all fifty states,
Washington D.C. and Puerto Rico, offers a technology-enabled
platform that allows contractors to provide financing solutions to
consumers as part of the in-home sales process. Through its
exclusive industry partnerships, SFC is able to offer qualified
borrowers a broad-based set of financing products that are
distributed via an ever-expanding national network of home
improvement and solar contractors.
"We believe this transaction validates the strength of the
platform we have built," said Mark
Berch, President of SFC. "Flexpoint has been a truly
valuable partner over the past eighteen months. Their
specialty finance and financial technology expertise have helped
our management team build SFC into a market leader. Going forward,
we are excited to partner with ECN Capital to leverage our combined
strengths for continued growth and product diversification."
"It has been a tremendous thrill and pleasure to partner with
Mark Berch and the entire SFC team.
SFC's differentiated business model and the management team's
expertise in the home improvement financing market allowed for
growth that exceeded our expectations," commented Steven Begleiter, Managing Director of
Flexpoint. "We are confident that SFC is well-positioned for the
future and with ECN Capital's support, the company will continue
its incredible growth trajectory and solidify its market leadership
position."
Daniel Edelman, Principal of
Flexpoint, said "Flexpoint conducted a long, in-depth analysis of
the point-of-sale consumer finance sector searching for an
opportunity to invest. What we found in SFC was a specialist in the
home improvement and solar sectors with a unique combination of
technology, data, and strategic partnerships that allows SFC to
provide its bank partners with access to high-quality consumer
credit."
The transaction is expected to close in the third quarter of
2017, subject to customary regulatory approvals and satisfaction of
other closing conditions. Following the transaction, SFC will
operate as a subsidiary of ECN Capital.
Axxcess Capital Partners and Arete Wealth Management served as
financial advisors to Service Finance Company.
For inqueries contact Flexpoint at 646-217-7565
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SOURCE Flexpoint Ford, LLC