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.