Duo Bank of Canada to Acquire Fairstone Financial Holdings
February 19, 2020
Duo Bank of Canada, supported by Stephen Smith, Centerbridge Partners and Ontario Teachers' Pension Plan, has agreed to acquire all outstanding shares of Fairstone Financial Holdings Inc. from an investor group led by J.C. Flowers and Värde Partners. Fairstone, headquartered in Montreal, is a leading Canadian non-bank lender serving near-prime borrowers with more than $3 billion in assets and roughly 1,400 employees; the transaction is expected to close in Q2 2020 subject to regulatory approvals.
- Buyers
- Duo Bank of Canada, Stephen Smith, Centerbridge Partners L.P., Ontario Teachers' Pension Plan
- Targets
- Fairstone Financial Holdings Inc.
- Sellers
- J.C. Flowers & Co. LLC, Värde Partners, Inc.
- Industry
- Financial Services
- Location
- Quebec, Canada
- Transaction Type
- Buyout
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