On April 6, 2022, Fairstone Financial Inc., a prominent Canadian responsible lending solutions provider, recently announced its agreement to acquire EdenPark Inc., an Ontario-based firm specializing in automobile financing for near-prime consumers in Canada. This strategic acquisition will significantly enhance Fairstone's position in the automobile financing industry and is in line with the company's growth and value creation plans.

The acquisition deal involves the purchase of all issued and outstanding shares of EdenPark. EdenPark, recognized as the largest independent automobile finance company in Canada, particularly catering to the near-prime customer segment, boasts finance receivables of approximately $350 million. It operates with an expansive network of over 4,000 pre-qualified automobile dealers nationwide.

Scott Wood, the President and CEO of Fairstone, expressed enthusiasm about the acquisition, noting its alignment with Fairstone's expansion goals in the auto financing market. He welcomed Mark Eleoff and the experienced EdenPark team. Mark Eleoff, EdenPark's CEO, reciprocated the enthusiasm, emphasizing the combined strengths and expertise that will bolster their competitive edge and ability to meet increasing service demands.

RBC Capital Markets served as the financial advisor for EdenPark, while Stikeman Elliott LLP provided legal counsel. Fairstone's legal advice was provided by Torys LLP.