On February 11, 2022, Wafra Capital Partners Inc. (WCP), a New York-based investment firm, has purchased Financeit Inc., a leading Canadian provider of point-of-sale financing, from Goldman Sachs Asset Management. Financeit, renowned for facilitating sales transactions in home improvement and other sectors through innovative payment plans, processed over 115,000 loan applications and funded a record $534 million in loans in 2021. This acquisition marks Financeit's significant growth, as it recently achieved $2 billion in lifetime loan originations.

Financeit CEO Michael Garrity expressed enthusiasm about leveraging WCP's expertise in loan platforms to further accelerate the company's market presence and service offerings. WCP, managing over $7 billion in assets, plans to support Financeit's ambitious goal of reaching $1 billion in annual loan originations.

Michael Gontar, CEO of WCP, affirmed the strategic investment's potential to enhance Financeit's progression within Canada's robust $70 billion home improvement sector. Meanwhile, Anthony Arnold from Goldman Sachs acknowledged Financeit's expansion and innovation during their tenure.

The transaction's advisors included BMO Capital Markets, Raymond James Ltd., and RBC Capital Markets for Financeit, with legal counsel from Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP. Macquarie Capital advised WCP, and legal guidance came from Hughes Hubbard & Reed along with Blakes, Cassels & Graydon LLP.