As part of the continuing transformation of its business since its spin-off from Element Financial, Steve Hudson’s ECN Capital Corp. [TSX: ECN] completed the acquisition of Triad Financial Services in December 2017 and sold its Canadian commercial and vendor finance business to Canadian Western Bank in January 2018.
On January 31, 2018, ECN Capital completed the sale of all of its Canadian Commercial and Vendor (C&V) Finance assets to Canadian Western Bank (TSX: CWB) for cash proceeds of approximately $900 million.
ECN Capital’s team was led by Loreto Grimaldi (Senior Vice President and General Counsel) with assistance from Blake, Cassels & Graydon LLP. The Blakes team comprised David Toswell (securities), Carlos Cerqueira (corporate), Stephen Ashbourne (securitization), Zac Resnick (corporate), David Mender (corporate), Chris Van Loan (tax), Ian Caines (tax), Allan Gelkopf (tax), Zvi Halpern (tax), David Feldman (IT), Vladimir Shatiryan (financial services), Deborah Salzberger (competition) and Kate McNeece (competition).
CWB’s team was led by Marek Warshawski (Assistant Vice President & Senior Legal Counsel) with assistance from McCarthy Tétrault LLP. The McCarthys team comprised Rob Hansen (corporate/M&A), David Woollcombe (corporate/M&A), David Badour (corporate/M&A), Neha Chawla (corporate/M&A), Barry Ryan (financial services), Gabrielle Richards (tax), Wendy Brousseau (tax), Oliver Borgers (competition), Simon Fitzpatrick (securitization) and Ben Aberant (labour & employment).
On December 29, 2017, ECN completed the acquisition of Triad Financial Services of Florida for US $100 million. Triad is the oldest manufactured housing finance company in the US, and is based in Florida. ECN’s team was led by Loreto Grimaldi, Senior Vice President and General Counsel, with external legal support from Baker Hostetler LLP and Blake, Cassels & Graydon LLP.