ECN Capital Corporation is a Canadian financing company with managed and advised assets of approximately US$29 billion. It provides credit portfolios to 90 U.S. financial institutions and also originates, manages and advises on prime credit assets. It is listed on the Toronto Stock Exchange.[1]
ECN was founded in October 2016, through a spin-off of Element Financial's equipment finance division.[2] The spin-off resulted in two separate publicly traded companies: Element Fleet Management, which manages vehicle fleets, and ECN Capital, which provided commercial financing, especially to fleet owners.[3]
In February 2017, ECN sold its US commercial and vendor finance business to PNC Capital for $1.25 billion.[1] The deal caused the company's share price to rise, in part because the sale price was above book value.[4] This deal was part of a larger attempted re-deployment of capital by ECN from vendor and equipment financing to home improvement and construction financing.[5] As part of this re-deployment, in June 2017, the firm purchased Service Finance, an American home improvement lender, for $410 million.[6] It also purchased Triad Financial, a Florida-based home improvement lender, for $100 million, in October 2017.[5] On the other hand, in August 2017, ECN sold some of its rail car financing business for $1.44 billion.[5] It also sold its Canadian vendor financing business for $900 million in October 2017.[5] In December 2021 ECN sold Service Financial for US$2 Billion and used the proceeds to declare a $7.50/share special dividend that was paid out to shareholders on Dec. 22, 2021.
Businessedit
ECN Capital currently operates in two divisions:[7]
^ ab"ECN Capital to sell US$1.25B commercial and vendor finance business to PNC Financial - Article - BNN". BNN. 2017-02-21. Retrieved 2018-04-22.
^"Element Financial shareholders back splitting company into two". The Globe and Mail. 2016-09-20. Retrieved 2018-04-22.
^"Element Financial to split into two: fleet management and financing". Reuters. 2016-02-16. Retrieved 2018-04-22.
^"ECN Capital shareholders welcome news of deal to sell U.S. equipment finance business for US$1.25B". Financial Post. 2017-02-21. Retrieved 2018-04-22.
^ abcd"ECN Capital moves into U.S. housing market with Triad acquisition". The Globe and Mail. Retrieved 2018-07-01.
^"ECN Capital to buy Service Finance for C$410 million". Reuters. 2017-06-08. Retrieved 2018-07-01.
capital, corporation, canadian, financing, company, with, managed, advised, assets, approximately, billion, provides, credit, portfolios, financial, institutions, also, originates, manages, advises, prime, credit, assets, listed, toronto, stock, exchange, corp. ECN Capital Corporation is a Canadian financing company with managed and advised assets of approximately US 29 billion It provides credit portfolios to 90 U S financial institutions and also originates manages and advises on prime credit assets It is listed on the Toronto Stock Exchange 1 ECN Capital CorporationCompany typePublicTraded asTSX ECNS amp P TSX Composite ComponentIndustryBusiness ServicesFounded2016HeadquartersToronto Ontario CanadaKey peopleSteven Hudson Chief executive officer Websitehttp ecncapitalcorp com History editECN was founded in October 2016 through a spin off of Element Financial s equipment finance division 2 The spin off resulted in two separate publicly traded companies Element Fleet Management which manages vehicle fleets and ECN Capital which provided commercial financing especially to fleet owners 3 In February 2017 ECN sold its US commercial and vendor finance business to PNC Capital for 1 25 billion 1 The deal caused the company s share price to rise in part because the sale price was above book value 4 This deal was part of a larger attempted re deployment of capital by ECN from vendor and equipment financing to home improvement and construction financing 5 As part of this re deployment in June 2017 the firm purchased Service Finance an American home improvement lender for 410 million 6 It also purchased Triad Financial a Florida based home improvement lender for 100 million in October 2017 5 On the other hand in August 2017 ECN sold some of its rail car financing business for 1 44 billion 5 It also sold its Canadian vendor financing business for 900 million in October 2017 5 In December 2021 ECN sold Service Financial for US 2 Billion and used the proceeds to declare a 7 50 share special dividend that was paid out to shareholders on Dec 22 2021 Business editECN Capital currently operates in two divisions 7 Triad Financial a manufactured home lender The Kessler Group a payment services companyReferences edit a b ECN Capital to sell US 1 25B commercial and vendor finance business to PNC Financial Article BNN BNN 2017 02 21 Retrieved 2018 04 22 Element Financial shareholders back splitting company into two The Globe and Mail 2016 09 20 Retrieved 2018 04 22 Element Financial to split into two fleet management and financing Reuters 2016 02 16 Retrieved 2018 04 22 ECN Capital shareholders welcome news of deal to sell U S equipment finance business for US 1 25B Financial Post 2017 02 21 Retrieved 2018 04 22 a b c d ECN Capital moves into U S housing market with Triad acquisition The Globe and Mail Retrieved 2018 07 01 ECN Capital to buy Service Finance for C 410 million Reuters 2017 06 08 Retrieved 2018 07 01 ECN Capital Locations ECN Capital Retrieved 2018 07 01 Retrieved from https en wikipedia org w index php title ECN Capital amp oldid 1070623603, wikipedia, wiki, book, books, library,
