VANCOUVER, April 16, 2014 /CNW/ - Coast Capital Equipment Finance Ltd.
(CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial
Corporation (TFC) announced today that the assets of the prime
equipment and vehicle finance business of TFC will become part of the
Coast Capital Group of Companies.
The deal is expected to close early next month. Following the close, the
consolidated equipment finance business of the Coast Capital Group of
Companies will be carried out under CCEF and two new entities,
Travelers Finance Ltd. and Travelers Leasing Ltd.
The combined organizations' position in the Canadian equipment financing
sector will be strengthened as a result of this agreement. The
transaction will allow the two organizations to align their combined
expertise and core strengths, while capitalizing on shared efficiencies
and reaping the benefits of increased opportunities, including a
broader customer base across the country and positioning for future
TFC is one of the largest independent finance and leasing companies in
Canada, offering a wide range of assets-based financing solutions to
commercial and industrial sectors. Headquartered in Burnaby B.C., they
also have offices in Alberta, Saskatchewan, Manitoba and Ontario.
While the ownership structure is changing, it's business as usual.
Customers can expect the same level of personal attention from the
staff they have come to know. In the future, customers will benefit
from the new arrangement, including a more efficient credit and funding
process and more competitively priced products.
"At Travelers we're proud of all our employees and leadership team have
accomplished. Finding an organization that shares mutual goals for
growth and improved service means that we can continue to watch our
team grow and succeed while ensuring that we're doing the best we can
for our customers in a competitive marketplace," says Jim Case, CEO,
Travelers Financial Corporation "This opportunity holds so much
potential and really puts us on the map as an industry leader."
"We're excited about the possibilities that bringing Travelers' business
into the Coast Capital Group of Companies offers," says Tracy Redies,
Coast Capital Savings' President and CEO. "With our combined industry
expertise and superior offerings, this deal brings our customers
several new financing options that will ultimately help our business
customers access the tools they need to succeed and continue to grow."
Under the terms of the agreement, Travelers' shareholders will have a
minority equity interest in the combined operations. TD Securities Inc.
acted as financial advisor to Coast Capital Savings in connection with
ABOUT COAST CAPITAL EQUIPMENT FINANCE LTD. ("CCEF")
CCEF is a subsidiary of Coast Capital Savings. Coast Capital Savings is
Canada's second largest credit union, owned by its 512,000 members. It
has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver
Island regions of British Columbia.
Coast Capital Savings, directly and through CCEF offers commercial and
industrial equipment leasing and financing to companies located from
British Columbia to Ontario.
The activities of CCEF are focused on securing financing opportunities
primarily in the transportation, manufacturing, and construction
markets, as these financings are secured with strong resale values to
ABOUT TRAVELERS FINANCIAL CORPORATION ("TFC")
TFC was founded in 1986, and has since maintained a focus on the
mid-market equipment leasing business. TFC offers a wide range of
asset-based financing solutions to commercial and industrial sectors
including transportation, construction, manufacturing, and other
capital intensive industries, as well as corporate aircraft and
In addition to the business operated by TFC, the operations of the
Travelers Group were diversified in 1993 with the acquisition of a
consumer acceptance company, Travelers Acceptance Corporation, which in
2010 was acquired by Servus Credit Union. Further diversification was
achieved in 1995 with the national expansion of Travelers Leasing
Corporation, an automobile leasing company that in 2007 was acquired by
Scotiabank and renamed Scotia Dealer Advantage. Travelers expanded
again in late 1999 with the acquisition of an Alberta-based equipment
leasing company, which was later merged into Travelers Financial
Image with caption: "Travelers (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39385.jpg
Image with caption: "Coast Capital Savings (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39384.jpg
For further information:
Coast Capital Savings
Senior Media Relations Advisor
Phone: (604) 517-7657
Travelers Financial Corporation
Chief Executive Officer
Phone: (604) 293-0202