Fairstone Bank of Canada Completes Acquisition of Eden Park Inc. to Boost Auto Financing Business
In a significant move that will strengthen its presence in the auto financing landscape, Fairstone Bank of Canada (“Fairstone Bank”), through its wholly owned operating subsidiary, Fairstone Financial Inc. (“Fairstone” or “the Company”), has announced the successful acquisition of all of the issued and outstanding shares of Eden Park Inc. (“Eden Park”). The transaction, which was confirmed on September 6, 2022, positions Fairstone as a leader in the rapidly expanding near-prime automobile financing industry in Canada.
Uniting Forces for a Stronger Future
Eden Park, an Ontario-based company, has been providing auto financing solutions to near-prime consumers across Canada. The acquisition not only diversifies Fairstone’s consumer lending business but also aligns with the company’s commitment to offering innovative, value-driven financial solutions. Fairstone’s President and CEO, Scott Wood, expressed enthusiasm about the successful transaction and the future of the now-unified companies.
“This acquisition further solidifies our position as a leader in the fast-growing near-prime automobile financing industry in Canada. We look forward to integrating and unifying the companies and significantly expanding our presence in the automobile financing market,” said Wood.
A Milestone for Eden Park Inc.
Mark Eleoff, CEO of Eden Park Inc., celebrated the milestone of joining forces with Fairstone Bank. “Since our inception, we have built a track record of consistent profitable growth while originating over $1 billion in auto loans in Canada. Today, our focus shifts to business integration and accelerating our overall growth strategy. The synergy between our two companies is unique, and there is no doubt that our combined strengths, expertise, and extensive experience will play a significant role in our future success,” Eleoff said.
About Eden Park and Fairstone Bank
Eden Park, recognized year over year as one of Canada’s fastest-growing companies, is the largest independent automobile financing company focusing on the near-prime consumer segment in Canada. With finance receivables of approximately $400 million, it has an established, nationwide network of automobile dealers.
Fairstone Bank of Canada and its subsidiary, Fairstone Financial Inc., form a leading consumer lending group. They offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and at over 240 branches coast to coast.
Ready to begin your journey to improved credit and secure financing for your next vehicle? Apply now at Toronto Car Loans.
*Toronto Car Loans is not responsible for the accuracy of this information, and this information is for educational purposes only.