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Equitable Completes Acquisition of EF Firm Bennington Financial Services

January 03, 2019, 07:10 AM
Filed Under: Mergers & Acquisitions

Equitable Group Inc. completed its previously announced acquisition of Bennington Financial Services Corp., a profitable and growing privately owned company serving the brokered equipment leasing market in Canada.

The acquisition, announced last month, supports Equitable's goal of broadening its reach as Canada's Challenger Bank, with diversification into an adjacent market that complements its other secured lending businesses and broker-led distribution model. The transaction will allow Bennington to enhance its competitive positioning using Equitable's Challenger Bank platform and access to cost-effective funding sources.

Equitable Group Inc. will report its results on a consolidated basis beginning in Q1 2019.

Bennington, founded in Oakville, Ontario, in 1996, serves the equipment finance industry in Canada in partnership with an extensive network of independent leasing brokers. Bennington provides small and medium-sized business customers with competitive and innovative leasing solutions with unique and creative structures needed to finance their growth and their dreams and has a portfolio of approximately $400 million of leases managed by a team of 125 professionals.

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