“Following five consecutive years of robust growth and the development of an impressive customer base throughout North America, Northpoint Commercial Finance has recently announced that they are to be acquired by LBC Capital, a subsidiary of Laurentian Bank of Canada,” the company tells MHProNews.
“The transaction is expected to close before the end of 2017 fiscal year, subject to customary closing conditions, including applicable regulatory notifications and approvals,” a source speaking on behalf of Northpoint stated.
Jeff Collins, Executive Vice President of Operations, stated, “Our acquisition by LBC Capital is a natural and anticipated part of our evolution as an organization. We were founded in 2012 via private equity, and experienced significant growth over the last five years requiring access to highly reliable capital. Laurentian Bank, in business for over 170 years, is expected to provide us the stability needed to continue our expansion.”
Dan Radley, President and CEO of Northpoint, said, “We’re eager to work with the entrepreneurial team at LBC
Capital, who we align very well with culturally. They are truly excited about our business and committed to the continuation of our value proposition, which includes a passion for customers, speed in execution, and a highly personalized approach to lending.”
RV Pro reported that, “Laurentian Bank of Canada announced the planned acquisition of Northpoint Commercial Finance, which is among the leading U.S. and Canadian inventory finance lenders with a portfolio of approximately $892 million…Laurentian plans to finance the acquisition through a $167 million subscription receipts equity financing and existing balance sheet liquidity.”
As many Daily Business News readers know, Northpoint has extensive numbers of businesses in manufactured housing that utilize their services. Part of their press release to MHProNews read in part as follows:
About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices in Alpharetta, GA, and Burlington, ON, combines experience with advanced technologies, fresh ideas, streamlined processes, and a customer focus formed specifically for the varied needs and goals of each business. Northpoint’s inventory finance offerings drive sales, enhance cash flow, and improve profitability for both manufacturer and dealers.
Additional details of the Northpoint deal are available at this link here.
More information about Northpoint and their offerings is available at www.northpointcf.com. ##
(Image credits are as shown above.)
Submitted by Soheyla Kovach to the Daily Business News on MHProNews.com