{"id":16120,"date":"2024-09-30T15:26:17","date_gmt":"2024-09-30T20:26:17","guid":{"rendered":"https:\/\/www.accordfinancial.com\/?p=16120"},"modified":"2025-01-06T13:38:19","modified_gmt":"2025-01-06T19:38:19","slug":"accord-financial-closes-63-2-million-sale-of-us-leasing-portfolio-assets","status":"publish","type":"post","link":"https:\/\/accordfinancial.com\/staging\/accord-financial-closes-63-2-million-sale-of-us-leasing-portfolio-assets\/","title":{"rendered":"Accord Financial Closes $63.2 Million Sale of US Leasing Portfolio Assets"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Gross proceeds of the transaction are $63.2 million (US$46.8 million), which is expected to have a positive impact on Accord\u2019s tangible equity. Net proceeds will be used to pay down the Company\u2019s primary banking facility. Accord will have the opportunity to earn an additional US$400,000 based on portfolio credit performance through December 31, 2025. The transaction closed on September 30th; the accounting calculations related to the transaction are being finalized, including the elimination of AEF-related intangible assets ($3.0 million reported at June 30, 2024), and will be reported in the Company\u2019s Third Quarter Report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The announcement follows on the Company\u2019s previously announced review of strategic initiatives, including efforts to refocus on the core business and create shareholder value. \u201cThis transaction clearly demonstrates the value of Accord\u2019s assets in the private market, both the value of the portfolio as well as the operating platform,\u201d stated Simon Hitzig, Accord\u2019s President &amp; CEO.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transaction is an important step in Accord\u2019s strategy to refocus on its core business. Since its founding in 1978 the Company has steadily built its North American market position in receivables finance, including asset-based lending and factoring. Accord is also committed to expanding its presence in the Canadian small business finance sector, which has shown strong growth in the last five years. This transaction aligns the Company\u2019s capital with these divisions, which are positioned to compete and grow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Hovde Group, a US-based investment banking firm specializing in the financial services sector, served as exclusive advisor to Accord.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, Mr. Hitzig added, \u201cWith this significant transaction completed, we\u2019re setting our sights on several balance sheet initiatives to support renewed growth in 2025.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">About Accord Financial Corp.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Accord Financial is North America\u2019s most dynamic commercial finance company providing fast, versatile financing solutions including asset-based lending, factoring, inventory finance, trade finance and film\/media finance, along with a full suite of lending and leasing solutions for Canadian small businesses. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For further information, please visit <a href=\"http:\/\/www.accordfinancial.com\">www.accordfinancial.com<\/a> or contact:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Irene Eddy<br>Senior Vice President, Chief Financial Officer <br>Accord Financial Corp.<br>40 Eglinton Avenue East, Suite 602<br>Toronto, ON M4P 3A2<br>(416) 961-0304<br><a href=\"mailto:ieddy@accordfinancial.com\">ieddy@accordfinancial.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Forward-Looking Statements<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This news release contains certain &#8220;forward-looking statements&#8221; and certain &#8220;forward-looking information&#8221; as defined under applicable Canadian securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;continue&#8221;, &#8220;plans&#8221; or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management&#8217;s beliefs, expectations or intentions regarding the financial position of the Company, and the duration of the suspension of the quarterly dividend announced in November 2023. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties including the ability of the Company to reinstate dividends and those risks identified in the Accord&#8217;s periodic filings with Canadian securities regulators. See Accord&#8217;s most recent annual information form and most recent management\u2019s discussion and analysis of results of operations and financial condition for a detailed discussion of the risk factors affecting Accord. Such forward-looking information represents management&#8217;s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gross proceeds of the transaction are $63.2 million (US$46.8 million), which is expected to have a&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139],"tags":[],"location":[8],"class_list":["post-16120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","location-toronto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>09\/30\/2024 | Accord Financial Closes $63.2 Million Sale of US Leasing Portfolio Assets | Accord Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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