Following 5 consecutive years of growth and the development of its customer base throughout North America, Northpoint Commercial Finance announced LBC Capital, a subsidiary of Laurentian Bank of Canada, is expected to acquire Northpoint. The transaction is expected to close before the end of 2017 fiscal year, subject to customary closing conditions, including applicable regulatory notifications and approvals.
From a start-up finance company to an established entity, Northpoint has continued to innovate, bring on knowledgeable people, and form strategic partnerships throughout the industry. As this next phase begins for Northpoint, it is expected that the partnership with LBC Capital will only strengthen Northpoint’s offerings and ensure that they remain a long-term and powerful force in the market, the company says. The businesses of Northpoint and LBC Capital complement each other very well.
Jeff Collins, executive vice president of operations, states, “Our acquisition by LBC Capital is a natural and anticipated part of our evolution as an organization. We were founded in 2012 via private equity, and experienced significant growth over the last 5 years requiring access to highly reliable capital. Laurentian Bank, in business for over 170 years, is expected to provide us the stability needed to continue our expansion.”
A unique culture has been created by the Northpoint management team. Delivering customized financial solutions that work for their clients and maintaining long-term partnerships within the industries they serve is the cornerstone of their success and will remain the same in the future, the company says. Dan Radley, president and CEO of Northpoint, says, “We’re eager to work with the entrepreneurial team at LBC Capital, who we align very well with culturally. They are truly excited about our business and committed to the continuation of our value proposition, which includes a passion for customers, speed in execution, and a highly personalized approach to lending.”
The features that have led to the success of Northpoint will remain and be strengthened following the closing of the transaction with LBC Capital. These features include not only methods in which business is conducted, but their customer service, quick credit turn time and focus on building mutually beneficial relationships with manufacturers, distributors and dealers throughout the industries they serve. In addition, Northpoint will continue under the ‘Northpoint Commercial Finance,’ brand and all members of the Northpoint management team and personnel are poised to continue to serve the same customers they have in the past.