Element Financial Closes Nexcap Acquisition
TORONTO, Jan. 18, 2013 /CNW/ - Element Financial Corporation (TSX: EFN) ("Element" or the "Company"), Canada's leading independent equipment finance company, today announced that it has completed the previously announced acquisition of 100% of the shares of Nexcap Finance Corporation ("Nexcap") for approximately $20 million plus and assumption of $75 million debt financing.
With the completion of the Nexcap acquisition, Element has increased its finance asset portfolio to approximately $1.5 billion.
GMP Securities L.P. acted as financial advisor to Element in connection with the acquisition and Blake, Cassels & Graydon LLP acted as legal counsel.
About Element Financial Corporation
With total assets of approximately $1.5 billion, Element Financial Corporation is Canada's leading independent equipment finance company. Element operates nationally in three verticals of the equipment finance market - Element Capital provides large ticket equipment leasing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions through the Company's TLS Fleet Management division.
Forward Looking Statements
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release and the anticipated growth of the Element business, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the equipment finance industry, economic factors and the equity markets generally and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Element Financial Corporation