TORONTO, Feb. 3, 2014 /CNW/ - Accord Financial Corp. ("Accord") (TSX:ACD) today announced that it has completed the strategic acquisition of Varion Capital Corp. ("Varion Capital"), a Canadian lease finance company founded in 2004. The acquisition expands the range of asset-based financial services offered by Accord to include leasing.
Varion Capital finances equipment for small and medium-sized businesses (SMEs), serving a broad base of Canada's most dynamic industries, from forestry and energy to hospitality and manufacturing. The company's success has been built on its commitment to supporting SMEs directly, and on its strong relationships with regional and national equipment vendors.
"This strategic acquisition strengthens our ability to serve our key markets by providing a broader range of finance solutions for growing companies across Canada," says Tom Henderson, CEO. "It also plays to our strengths, including our flexible approach to financing businesses that may be underserved by the major banks."
Clients of both companies will benefit by having easy access to more financing options available under one roof. With Varion Capital under the Accord umbrella, the combined companies also now have a significant operating presence from coast to coast. Together, Accord and Varion will continue to provide much-needed capital to growing companies that generate jobs and keep the economy moving.
"Varion Capital has been very successful over nearly a decade since inception. We're confident that adding Accord's financial strength will take Varion to the next level," says Simon Hitzig, Vice President with Accord. "Varion Capital and Accord are a perfect fit."
About Accord Financial Corp.
Accord Financial Corp. is a leading North American provider of asset-based financial services, including factoring, trade finance, credit guarantees and collection services, and now lease financing. For over 35 years Accord has helped businesses across Canada and the U.S. manage their cash flows and maximize financial opportunities - keeping business liquid. Accord is currently the only factoring and asset-based lending company listed on the Toronto Stock Exchange.
SOURCE: Accord Financial Corp.
For further information:
please visit www.accordfinancial.com or contact:
Vice President, Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, Suite 1803
Toronto, Ontario M5S 1M2
(416) 961-0304 Ext. 207