Fairstone Bank of Canada and Eden Park, a network of near-prime auto financing companies, have concluded a transaction which was announced in April, bringing together two powerhouses in Canadian auto lending.
“We are pleased to announce the close of our Eden Park transaction and look forward to the next steps as we integrate and unify the companies,” said Scott Wood, President and CEO of Fairstone Bank. “This acquisition further solidifies our position as a leader in the fast-growing near-prime automobile financing industry in Canada. In addition, it supports the diversification of the Company’s consumer lending business and is another key element in our commitment to providing innovative, accessible value-driven financial solutions designed to enable consumers, merchants and dealers to excel in what matters most.”
“As we look to significantly expand our presence in the automobile financing market, we are very pleased to welcome Mark Eleoff and the highly experienced team at Eden Park. I look forward to working together as we integrate the two companies,” said Wood. Moving forward, Fairstone’s automobile financing business and Eden Park will be managed and operated as one entity.
“Today is an incredible milestone for Eden Park as we join forces with Fairstone Bank. Since our inception, we have built a track record of consistent profitable growth while originating over $1 billion in auto loans in Canada. Our focus now turns to business integration and accelerating our overall growth strategy,” said Mark Eleoff, CEO of Eden Park Inc. “The synergy between our two companies is unique. There is no doubt that our combined strengths, expertise, and extensive experience will play a significant role in our future success.”
