Värde Partners Completes Acquisition of Fairstone, Canada’s Largest Non-Bank Consumer LenderApril 21, 2017
MINNEAPOLIS – Värde Partners, the $12 billion global alternative investment firm, today announced that it has completed the acquisition of portfolio company, CitiFinancial Canada, Inc., and has rebranded the company under the new name “Fairstone Financial Inc.”
Värde Partners and J.C. Flowers & Co. LLC purchased CitiFinancial Canada in 2016 with the goal of strengthening the company’s brand as a leading provider of affordable borrowing solutions in Canada. CitiFinancial’s, and now Fairstone’s, reputation is built on a solid foundation, with a history of lending in Canada dating back nearly 100 years and more than 200 branches in each province and two territories.
“We’re thrilled to launch our new Fairstone brand and to continue to grow and evolve our business,” said Scott Wood, President and CEO of Fairstone. “As a community-based lender, Fairstone wants the best for our customers, and that means working closely with them to find the loan solution that’s right for their needs.”
Under the new name, Fairstone will continue to provide personal loans and home equity loans to Canadians and partner with leading Canadian retailers to offer consumer financing programs. Fairstone’s 1,400 employees provide a personal touch with a grounding in local communities across Canada and will remain central to Fairstone’s high quality customer experience.
“Through Fairstone we see tremendous opportunity to continue expanding the availability of affordable financing solutions to communities across Canada,” said Aneek Mamik, Senior Managing Director and Head of North American Specialty Finance, Värde Partners. “We are excited to add such a strong and innovative business to our specialty finance portfolio.”
Fairstone is a leading Canadian non-bank provider of responsible lending solutions. With roots in Canada since 1923 and over 200 branches coast to coast, Fairstone provides personal loans and home equity loans designed to suit today’s borrowing needs. Fairstone also partners with a wide network of businesses to deliver flexible consumer financing programs. Fairstone is proud to make a difference in the communities where we live and work, because community matters. Learn more at FairstoneCanada.ca.
About Värde Partners:
Värde Partners is a $12 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, transportation and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 250 people with main offices in Minneapolis, London and Singapore and additional offices around the world.