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Chesswood Group to Acquire Rifco, Enter Canadian Auto Finance Sector

October 28, 2021, 07:11 AM
Filed Under: Mergers & Acquisitions

Rifco Inc., a Canadian alternative auto finance company, and Chesswood Group Limited, a publicly traded commercial equipment finance company focused on small and medium-sized businesses, announced they have entered into an arrangement agreement pursuant to which Chesswood will acquire all of the issued and outstanding common shares of Rifco by way of a statutory plan of arrangement under the Business Corporations Act (Alberta).

"Our vision is for Chesswood to continue its growth as a leading and diversified platform for high quality specialty finance companies," said Ryan Marr, President and CEO, Chesswood Group. "The acquisition of Rifco provides Chesswood with a highly attractive and scalable platform in the Canadian auto finance sector. We are excited to work with the executive team at Rifco to support their business growth, including capitalizing on the funding advantages of Rifco being part of the larger Chesswood Group of companies."

"Rifco's management is highly supportive of the transaction with Chesswood and the MBO group is no longer pursuing the acquisition of Rifco," said Roger Saran, President and COO, Rifco. "Rifco's customers, dealers and other stakeholders will continue to benefit from Rifco's innovative products and customer service and now will have access to additional resources as part of the Chesswood Group."

Through two wholly owned subsidiaries in the United States and two subsidiaries in Canada, Chesswood Group Limited is North America's only publicly traded commercial equipment finance company focused on small and medium-sized businesses.

See the full announcement here.

Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 independent brokers in the United States. Tandem Finance Inc. provides financing in the U.S. through the equipment vendor channel. In Canada, Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans since 1996, and today operates through a nationwide network of more than 50 independent brokers. Vault Credit Corporation specializes in equipment leases and commercial loans across Canada, allowing for customizable financing solutions while catering to a wide spectrum of credit tiers, equipment types and sectors by offering industry-leading service levels, experienced underwriters and account administrators.

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