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ECN Capital paying C$410M for Service Finance


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ECN Capital paying C$410M for Service Finance

ECN Capital Corp. agreed to pay C$410 million in cash to acquire Service Finance Co. LLC, which provides financing solutions to home improvement dealers and healthcare professionals in the U.S.

The agreement provides for a five-year performance-based deferred purchase plan, with the transaction expected to close in the third quarter.

The acquisition is expected to be immediately accretive to adjusted earnings per share and return on equity. The company expects 23.5% accretion to 2017 adjusted net income, 77.8% to 2018 adjusted net income and 100.0% to 2019 adjusted net income.

Private equity firm Flexpoint Ford LLC holds a minority stake in Service Finance Co.