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Chesswood’s Equipment Finance Businesses Achieve Record Originations Growth

January 22, 2016, 07:12 AM
Filed Under: Industry News

Chesswood Group Limited announced that it has entered into a definitive agreement to sell its EcoHome Financial Inc. ("EcoHome") subsidiary to Dealnet Capital Corp. for a purchase price of approximately $35.0 million.

Commercial Finance Growth

Chesswood's equipment finance businesses enjoyed a record 2015 in originations growth, including record 4th quarter fundings. Pawnee Leasing Corporation and Blue Chip Leasing Corporation enjoyed very strong originations while executing on our strategy of offering an expanded product mix to our customers. These efforts continue in 2016 as the complementary knowledge and skills of each business are increasingly shared and leveraged.

Chesswood's working capital business continued to expand in 2015 and finished the year with a record 4th quarter of new business. Windset Capital operates in the rapidly expanding alternative finance-FinTech space and provides small business with readily accessible capital that few banks, if any, are able to offer.

At the end of 2015, Chesswood's commercial finance business had 22,600 leases and loans with gross receivables of approximately $480 million, comprising 81% of Chesswood's finance portfolio.

With record growth in its commercial businesses, expansion opportunities in its three markets, low leverage and excellent treasury, Chesswood is extremely well positioned today to continue to drive expansion organically and through selective and strategic acquisitions.

Chesswood Group Limited is a dividend-paying financial services company with operating businesses in both Canada and the U.S., including its North-American equipment finance businesses Pawnee Leasing Corporation of Fort Collins, Colorado, Blue Chip Leasing Corporation of Toronto, Ontario and its working capital loan business, Windset Capital Corporation, headquartered in Utah.

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