Daily News: February 4, 2014

Accord Expands ABL Product Line to Include Lease Financing

Accord Financial said it completed the acquisition of Varion Capital, a Canadian lease finance company that will expand the range of Accord Financial announced that it has completed the strategic acquisition of Varion Capital, a Canadian lease finance company founded in 2004. The acquisition expands the range of asset-based financial services offered by Accord to include leasing.

Varion Capital finances equipment for small and medium-sized businesses (SMEs), serving a broad base of Canada’s most dynamic industries, from forestry and energy to hospitality and manufacturing.

The company’s success has been built on its commitment to supporting SMEs directly, and on its strong relationships with regional and national equipment vendors.

“This strategic acquisition strengthens our ability to serve our key markets by providing a broader range of finance solutions for growing companies across Canada,” says Tom Henderson, CEO. “It also plays to our strengths, including our flexible approach to financing businesses that may be underserved by the major banks.”

“Varion Capital has been very successful over nearly a decade since inception. We’re confident that adding Accord’s financial strength will take Varion to the next level,” says Simon Hitzig, vice president with Accord. “Varion Capital and Accord are a perfect fit.”

Toronto, Canada-based Accord Financial is a North American provider of asset-based financial services, including factoring, trade finance, credit guarantees and collection services, and now lease financing.