CALGARY, Jan. 16, 2019 /CNW/ - Geminus Acquisition & Management Inc. is pleased to announce it will acquire a 15% stake in Community Vehicle Financing (CVF), an independent Canadian lender in the automotive sector that specializes in the sub-prime consumer market, with an option to purchase an additional 5% in the future.
This acquisition by Geminus will enhance its competitive position by entering the sub-prime auto financing sector, while helping both companies manage risk and leverage areas of expertise. Geminus evaluated the transaction using several criteria, including strategic fit with CVF's lending focus, alignment with its risk appetite, management capability, and the post-acquisition benefits to both companies' financial positions.
The ownership stake in CVF represents another step in the implementation of Geminus' targeted strategy. "Our vision is to become a leading independent, non-bank alternative for Canadian people and business owners. As part of our strategic plan, we're diversifying our lending platforms across all equipment types and credit classes as complementary opportunities are identified," says Randy Smyth, President at Geminus. "We're invested in growing the scope of CVF, as it enhances the Geminus lending platforms with exposure in the sub-prime consumer credit class."
As a director at Community Vehicle Financing, Smyth was and remains a key contributor in the company.
About Geminus Acquisition & Management Inc.
Geminus is an independent Canadian financial company that provides consumers and businesses common-sense lending solutions across various asset types and credit classes. Headquartered in Calgary, AB, affiliates of Geminus include: Arundel Capital, a non-prime equipment leasing business; Stride Capital, a prime credit provider of equipment leases; Rhocore, an investment fund; Tribucore, a non-prime bridge lender; Arctos Capital, a crypto-currency lender based in San Francisco; and Community Vehicle Financing, an independent sub-prime lender in the automotive sector.
About Community Vehicle Financing
Community Vehicle Financing provides fast, pre-approved car loans for consumers. They help their clients with pre-approvals, setting a budget and increasing their bargaining power at the dealership. To learn more about Community Vehicle Financing, visit communityfinancing.ca.
If you would like more information about this topic, please contact Randy Smyth at +1-403-619-3581 or email [email protected]
SOURCE Geminus Acquisition & Management Inc.