Equitable Bank says it has signed an agreement to sell Bennington Financial Corp. to Desjardins Group at a price tied to lease receivables.
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Equitable Bank says it has signed a deal to sell Bennington Financial Corp., its commercial equipment leasing and financing business, to Desjardins Group.
EQB CEO Chadwick Westlake said the sale will help the company concentrate its capital and resources on its core growth priorities. He also said the transaction gives Bennington an owner equipped to grow the business to its full potential, with sector expertise.
Under the agreement, Desjardins will acquire Bennington at a price equivalent to a discount of about eight per cent of lease receivables. Equitable Bank said Bennington’s portfolio included about $1.1 billion in lease receivables at July 31.
Equitable Bank said it completed the acquisition of PC Financial earlier this year in a deal that added millions of new customers.
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