Financeit acquires the consumer loan business of the Simply Group
The newly joined teams will focus on enhancing the merchant and consumer experience and launching new innovation projects
TORONTO, June 26, 2023 /CNW/ - Financeit Canada Inc. ("Financeit" or the "Company"), a leading provider of point-of-sale financing in the Canadian home improvement, recreational vehicle, and retail sectors, is pleased to announce its successful acquisition of Simply Group Financial, SNAP Home Finance ("SNAP"), and certain assets of EcoHome Financial ("EcoHome, and collectively with Simply Group Financial and SNAP, the "Simply Group Loan Business").
"We're thrilled to announce another milestone in our growth journey as we focus on expanding our market footprint and our enduring commitment to the Canadian POS financing market," says Michael Garrity, CEO of Financeit. "The Simply Group Loan Business team has consistently showcased deep industry expertise, remarkable market agility, and an array of competitive products and services for dealers. By combining our two businesses, we are confident that we can create a transformative impact on the lives of home improvement dealers, helping them drive business growth."
The announcement marks a significant new milestone for Financeit, building upon its acquisition by InterVest Capital Partners in 2022.
"We are excited to join forces with Simply Group Financial, SNAP Home Finance, and EcoHome Financial in this transformative acquisition. With their impressive track record and extensive expertise in the home improvement financing sector, we are confident that together we can deliver unparalleled service to our Canadian partners and end-users," Michael Gontar CEO of InterVest.
With an impressive track record of facilitating over $3 billion in home improvement loans for more than 500,000 Canadians, Simply Group Financial, SNAP, and EcoHome have established themselves among the country's most prominent providers of home improvement financing services. The team of over 180 professionals brings extensive dealer and industry expertise to Financeit, positioning the newly-combined organization to deliver unparalleled service to Canadian merchant partners and end-users.
"Today is an exciting day for all of us at the Simply Group Loan Business," says Lawrence Krimker, CEO of Simply Group Financial, SNAP Home Finance, and EcoHome. "By bringing these companies together, we will be able to provide Canadians with the best technology and dealer experience in the home improvement consumer lending space," Krimker added. "As a board member of the newly combined business, I look forward to continuing to provide insight and support to this market leading platform."
Financeit Canada Inc. is a point-of-sale financing provider that serves home improvement, recreational vehicle, and retail industries. The company provides payment plans to enterprise businesses, big box retailers, OEMs, and dealer networks for their projects and purchases, as well as offers solutions for consumers. Its cloud-based technology enables merchants to increase close rates and transaction sizes with monthly or bi-weekly payment plans. Financeit's platform features a transparent loan application process and has serviced merchant partners across Canada. Financeit was founded in 2011, is based in Toronto, Canada, and operates as a subsidiary of CommunityLend Holdings Inc.
With more than $1.5 billion in assets under management, Simply Group (mysimplygroup.com) provides industry leading, high-efficiency, home comfort equipment and financing solutions to customers, to modernize their residential, commercial and industrial properties. Simply Group knows that its people are its greatest asset and is proud to be Great Place to Work-Certified since 2016. In 2020, Simply Group was named Best Business of the Year by the Canadian SME National Business Awards.
InterVest Capital Partners, formerly Wafra Capital Partners, is a leading global alternative investment firm specializing in asset-based lending, leasing and other structured finance verticals. Since 1999, the team established investment vehicles with aggregate committed capital exceeding USD15 billion.
CIBC Capital Markets acted as financial advisor to the Simply Group Loan Business. Macquarie Capital acted as financial advisor to Financeit.
SOURCE Financeit
Allie Martin, [email protected], 905-749-0228
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