Chesswood Group Limited has sold all of its interests in Vault Credit Corporation and Vault Home Credit Corporation, representing the entirety of Chesswood’s Canadian equipment leasing and consumer financing business segment, to an affiliate of HB Leaseco Holdings Inc. under the terms of a share purchase agreement.

According to the terms of the purchase agreement, the Vault purchaser has acquired the company’s 51 percent majority interest in Vault for an amount equal to $60 million, the proceeds of which have been used to reduce the company’s outstanding indebtedness.

Goodmans LLP represented Vault Credit and Vault Home Credit.

Stikeman Elliott LLP acted as legal counsel to Chesswood.