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February 19 2020

Fairstone Financial Holdings Inc. to be Acquired by Duo Bank of Canada

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Duo Bank of Canada a Toronto-based financial services provider supported by Stephen Smith, Centerbridge Partners L.P. and Ontario Teachers’ Pension Plan (“Ontario Teachers'”), has reached a definitive agreement to purchase all outstanding shares of Fairstone Financial Holdings Inc. (“Fairstone” or “the Company”), which includes all operating subsidiaries, from an investor group led by J.C. Flowers & Co. LLC and Värde Partners, Inc. Headquartered in Montreal, Fairstone is Canada’s leading non-bank provider of responsible credit solutions for near-prime borrowers with over $3 billion in assets on a consolidated basis.
“Duo Bank’s mission is to provide value-driven financial products that are clear and simple, enabling Canadians to focus on what matters to them. Fairstone’s close to 100-year history of providing near-prime borrowers with access to responsible credit is perfectly aligned with this mission,” said Stephen Smith, Chairman of Duo Bank.
“We’re very pleased to be joining forces with a Canadian financial services institution that shares our customer-focused commitment and community-driven approach to helping everyday Canadians access financial solutions that fit their needs,” said Scott Wood, President and Chief Executive Officer of Fairstone. “We look forward to enhancing the complementary growth potential of both businesses.”
“Duo Bank specializes in turnkey and customizable financial services solutions designed to deepen customer loyalty and grow sales,” said Trudy Fahie, Chief Executive Officer of Duo Bank. The bank’s growing complement of products and services includes credit cards, rewards programs, retail sales financing, deposits and related protection services.
Fairstone has two key business lines: lending directly to consumers through its branch network and online platform, and financing consumer retail and vehicle purchases through retailers and automobile dealerships. J.C. Flowers and Värde Partners acquired CitiFinancial Canada from Citi in 2017 and rebranded the company as Fairstone.
“Throughout Fairstone’s growth and expansion, it has maintained a laser focus on the customer experience as well as a strong compliance and controls environment from its former legacy under bank ownership. We are excited to partner with the Fairstone team through Duo Bank to support their combined next phase of growth,” said Miriam Tawil, Managing Director at Centerbridge.
“This transaction creates a strong and diversified Canada-based financial services entity that has robust finances, operational excellence and a history of delivering topline and earnings growth. We look forward to working with our partners, Stephen Smith and Centerbridge, to support the combined company’s future success,” said Jane Rowe, Executive Managing Director, Equities at Ontario Teachers’.
The agreement includes all of Fairstone’s operations as well as all the Company’s 1,400+ employees. The transaction is expected to close in the second quarter of 2020 and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction are not disclosed.
RBC Capital Markets and CIBC Capital Markets acted as financial advisors and Torys LLP and Freshfields Bruckhaus Deringer US LLP were legal counsel to Duo Bank of Canada in connection with the transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Centerbridge Partners L.P. Osler, Hoskin & Harcourt LLP acted as legal counsel to Ontario Teachers’ Pension Plan.
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