CIVC Partners Completes Sale of LendCare to goeasy Ltd.
April 30, 2021 CHICAGO, IL — CIVC Partners, L.P. (“CIVC”), a Chicago-based middle market private equity firm, is pleased to announce its sale of portfolio company LendCare Holdings, Inc (“LendCare”) to goeasy Ltd. (TSX: GSY), a leading full-service provider of goods and alternative financial services. Announced on April 12, 2021, the sale of LendCare is expected to accelerate goeasy’s growth in the consumer credit market through the expansion of its product range and point-of-sale distribution platform. Founded in 2004, LendCare is one of Canada’s leading point-of-sale financing providers, with approximately 3,000 merchant, OEM and distributor relationships nationwide. Through its proprietary origination software, LendCare specializes in financing consumer purchases in the powersports, automotive, retail, healthcare, and home improvement verticals.
“The closing of the acquisition of LendCare marks a major milestone on our journey to become the leading provider of non-prime consumer credit in Canada,” said Jason Mullins, goeasy’s President & Chief Executive Officer, “By widening our range of near-prime products and adding new industry verticals to our point-of-sale lending channel, we accelerate our growth and expand our addressable portion of the $200 billion non-prime consumer credit market. Of equal importance, it enables the organization to continue pursuing its strategy of helping everyday Canadians access credit, while gradually reducing their cost of borrowing and putting them on a path to a better financial future.”
BMO Capital Markets and Raymond James Ltd. acted as financial advisors to goeasy. Blake, Cassels & Graydon LLP acted as legal counsel to goeasy in connection with the Acquisition. National Bank Financial Inc. and Keefe, Bruyette & Woods, A Stifel Company, acted as financial advisors to LendCare. Stikeman Elliott LLP acted as legal counsel to LendCare and Aird & Berlis LLP acted as legal counsel to management of LendCare in connection with the Acquisition.
LendCare is a Canadian point-of-sale consumer finance and technology company, which enables 3,000 businesses to increase their revenue by providing full credit spectrum financing at the point-of-sale. For over a decade, LendCare has cleared a path to providing fast, reliable and affordable financing options for the powersports, auto, retail, home improvement and health sectors, while processing over $6 billion in loan applications to date. With a dedicated team of finance experts and well-established partnerships with merchants, dealerships and brokers, LendCare bridges the gap between credit score and customers living their best life.
About Goeasy Ltd.
Goeasy Ltd., a Canadian company, headquartered in Mississauga, Ontario, provides non-prime leasing and lending services through its easyhome and easyfinancial divisions. With a wide variety of financial products and services including unsecured and secured instalment loans, goeasy aspires to help put Canadians on a path to a better financial future, as they rebuild their credit and graduate to prime lending. Customers can transact seamlessly with easyhome and easyfinancial through an omni-channel model that includes online and mobile, as well as over 400 leasing and lending locations across Canada supported by more than 2,000 employees. Throughout the company’s history, it has served over 1 million Canadians and originated $5.0 billion in loans, with one in three customers graduating to prime credit and 60% increasing their credit score within 12 months of borrowing.
Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards including Waterstone Canada’s Most Admired Corporate Cultures, Glassdoor Top CEO Award, Achievers Top 50 Most Engaged Workplaces in North America, Greater Toronto Top Employers Award, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies, ranking on the TSX30 and placing on the Report on Business ranking of Canada’s Top Growing Companies. The company and its employees believe strongly in giving back to the communities in which it operates and has raised over $3.5 million to support its long-standing partnerships with BGC Canada, Habitat for Humanity and many other local charities.
Goeasy’s common shares are listed on the TSX under the trading symbol “GSY”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. Visit www.goeasy.com.
About CIVC Partners, L.P.
CIVC Partners is a Chicago-based private equity firm investing in high growth middle market business services companies. Since 1989, the team has invested over $1.8 billion in 68 platform companies and currently invests from CIVC Partners Fund V. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.