- ECN Capital (ECN) to sell its Kessler Group business to Stone Point Capital
- The company expects to use the net proceeds to pay down debt and then redeploy a portion to accelerate its tuck-in acquisition strategy
- According to CEO Steven Hudson, the company is looking to manage and maximize returns on investor capital in the specialty finance sector
- ECN Capital is a provider of business services to North American-based banks, credit unions, life insurance companies, pension funds and investment funds
- ECN Capital (ECN) is in the green by 1.36 per cent, trading at C$6.70 at close
ECN Capital (ECN) has agreed to sell its Kessler Group business to Stone Point Capital.
ECN Capital expects to use the net proceeds to pay down debt and accelerate its tuck-in acquisition strategy in its prime marine and RV financing business.
“ECN Capital’s primary strategic directive has been to manage and maximize returns on investor capital in the specialty finance sector. Allocation of capital is one of management’s most important jobs, and decisions must be made to maximize future potential,” said Steven Hudson, CEO of ECN Capital.
“Where we see extraordinary opportunities like our successful tuck-in of Source One in December 2021 and our investment in Intercoastal Financial Group, announced on August 11, 2022,” added Hudson.
Based upon the expected impact of the sale of the Kessler Group on the company’s operating results for the full year 2022, which is expected to be partially offset by other factors, including primarily the anticipated results of Triad Financial Services and Source One Financial Services.
ECN Capital is a provider of business services to North American-based banks, credit unions, life insurance companies, pension funds and investment funds.
Stone Point is an investment firm based in Greenwich, CT, with over $45 billion of assets under management.
The company looks to target investments in companies in the global financial services industry and related sectors.
ECN Capital (ECN) is in the green by 1.36 per cent, closing at C$6.70.
