ECN Capital Corp. announced it had signed a definitive agreement with funds overseen by Stone Point Capital LLC to sell all equity interests in ECN Kessler Holdco LLC, an indirect subsidiary through which the Kessler Group business operated. The anticipated sale was set to yield cash proceeds of $271 million (US$210 million), with adjustments as per the agreement terms. After the transaction's conclusion, ECN Capital planned to use the funds to settle debts and later allocate a portion for bolstering its marine and RV financing acquisition strategy. Although the Kessler Group had been performing well, ECN Capital's focus was shifting towards its manufactured housing and marine and RV financing ventures, as evidenced by its earlier acquisitions like Source One in December 2021 and its investment in Intercoastal Financial Group in August 2022. Steven Hudson, ECN Capital's CEO, expressed gratitude to the Kessler Group and saw potential for Stone Point to further its growth. Hudson also emphasized ECN Capital's commitment to thriving with Triad, Source One, and IFG, aiming for product diversification and operational enhancement. The deal awaited customary approvals, with an expected closure in late Q3 or early Q4 2022. Financial advisors included Truist Securities, Inc., CIBC World Markets Inc., BMO Capital Markets, and Solomon Partners, L.P. ECN Capital's legal counsel comprised Baker Hostetler LLP and Blake, Cassels & Graydon LLP, while Stone Point was represented by Kirkland & Ellis LLP.