| Home : Element Establishes Strategic U.S. Vendor Platform with Acquisition of CoActiv Capital Partners and Announces $100 Million Equity Financing to Fund the Transaction and Related Growth |
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Nov 09
2012 |
Element Establishes Strategic U.S. Vendor Platform with Acquisition of CoActiv Capital Partners and Announces $100 Million Equity Financing to Fund the Transaction and Related Growth |
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- Transaction delivers established vendor programs and expertise to anchor Element's U.S. growth strategy- CoActiv generates US$220 million in annual originations through more than 15 vendor finance programs- Acquisition provides scalable U.S. and Canadian platforms with proven origination capabilities- Complementary vendor platform provides natural fit with Element's current business verticals and cross-border potential accelerates growth strategy- Acquisition expected to be accretive to Element's 2013 earnings per share; acquired at 1.25 multiple to book value- Bought deal equity financing further strengthens Element's balance sheet and provides additional capital to fund related growth- New $300 million debt facility established to fund the acquisition and future originations |
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| Source:http://www.marketwire.com/mw/release.do?id=1723910&sourceType=3 |
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