Duo Bank acquires Fairstone Financial Holdings

Canada's Duo Bank completed the acquisition of Fairstone Financial Inc. from an investor group led by J.C. Flowers & Co. LLC and Värde Partners Inc.

Toronto-based financial services provider Duo Bank is supported by Stephen Smith, Centerbridge Partners LP and Ontario Teachers' Pension Plan Board.

Värde Partners and J.C. Flowers acted as equal partners in the transaction.

Citi, National Bank Financial Inc. and Barclays acted as financial advisers to J.C. Flowers and Värde. Stikeman Elliott was legal counsel to J.C. Flowers and Värde.