ECN Capital Corp. completed the acquisition of Triad Financial Services, Inc. from Don Glisson, Jr., Chairman & Chief Executive Office, the management team, and family members.
December 28, 2017
Share
ECN Capital Corp. (TSX:ECN) entered into a definitive agreement to acquire Triad Financial Services, Inc. from Don Glisson, Jr., Chairman & Chief Executive Office, the management team, and family members for approximately $100 million on October 25, 2017. Consideration of approximately $100 million will be paid in cash and has agreed to an incentive compensation plan with senior management that will be based on the achievement of a prescribed return on average equity over the next five years. As part of the transaction, ECN Capital will acquire the employees, systems, intellectual property, operations, offices, agreements, and other assets of Triad. The transaction is subject to customary closing conditions, antitrust approvals and regulatory approvals. On November 14, 2017, early termination notice by Federal Trade Commission has been granted. The transaction is expected to close in the first quarter of 2018. The acquisition will be immediately accretive to adjusted earnings per share and return on equity. Steven Goldberg, Daniel J. Buzzetta, John J. McGowan Jr., Elizabeth Ann Smith, Scott R. Weiser, Judy Gechman, C. Tyler Silvey, Ian R. Cohen, Keesha N. Warmsby and Robert S. Niemi of Baker Hostetler LLP acted as a legal advisor to ECN Capital whereas Ben Barnhill, Nikki Lee, Lee Kiser, Paul Cox, Maurice Holloway, Ann Murray, Daniel Lumm and Kym Mahnke of Nelson Mullins Riley & Scarborough LLP acted as the legal advisor to Triad Financial Services on the transaction. Chris Donohoe, Jon Doyle and Chris Howley of Sandler O’Neill acted as financial advisors to Triad Financial Services Inc.
ECN Capital Corp. (TSX:ECN) completed the acquisition of Triad Financial Services, Inc. from Don Glisson, Jr., Chairman & Chief Executive Office, the management team, and family members on December 29, 2017.
ECN Capital Corp. is a Canada-based provider of business services to North American banks, credit unions, life insurance companies, pension funds and institutional investors (collectively, its Partners). The Company originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance or floorplan) loans. The Company operates through two segments: Manufactured Housing Finance, and Recreational Vehicles and Marine Finance. It operates through three businesses: Triad Financial Services, which manufactures home loans; Source One Financial, which is engaged in nationwide marine and RV lending; and Intercoastal Finance Group, which is engaged in national marine and RV lending. It provides prime credit portfolio solutions: Secured consumer loan portfolios, which manufactures home loans, and Secured consumer loan portfolios, which provides marine and RV loans.
ECN Capital Corp. completed the acquisition of Triad Financial Services, Inc. from Don Glisson, Jr., Chairman & Chief Executive Office, the management team, and family members.
ECN CAPITAL CORP. 
