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Maxium, Desante to Sell Commercial Leasing Business to Canadian Western Bank

December 22, 2015, 07:05 AM
Filed Under: Mergers & Acquisitions

Maxium Financial Services Inc. ("Maxium") and Desante Financial Services Inc. ("Desante"), collectively referred to as the "Maxium Group", have entered into an agreement to sell substantially 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. 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,” said Daryl MacLellan, Desante’s President.

“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,” added Paul McLean, Chief Executive Officer 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, Ontario, 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.

“Maxium Group brings an experienced and motivated team of employees, led by a highly respected management group with a demonstrated history of delivering consistently strong financial performance, including solid credit quality. As we’ve said in the past, our primary criteria when evaluating acquisitions are alignment with CWB’s strategic direction, accretive growth potential and a good fit with our culture, and this opportunity is well aligned with each of these key points,” said Chris Fowler, President and Chief Executive Officer of CWB.

Maxium Financial Services Inc., originates, structures and finances loans up to $10 million in various industries. Founded in 1993, Maxium offers creative structured financing by identifying and refining customized financial solutions which respond directly to the specific needs of each customer. With combined assets exceeding $1 billion and 35,000 customers, Maxium has earned a reputation for its innovative lending solutions coupled with an unparalleled ability to build long-term relationships. In 2013, 2014 and 2015, Maxium earned the distinction as one of Canada’s Best Managed Companies.

Desante is a healthcare financial solutions company that provides business funding of up to $10 million to healthcare professionals.

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