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SEPTEMBER 2017 21
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CORPORATE TRANSACTIONS OF IMPORTANCE
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ECN CAPITAL COMPLETES
$100M FINANCING,
ANNOUNCES $410M
ACQUISITION OF SERVICE
FINANCE CO.
CLOSING DATE: MAY 25, 2017
ECN Capital Corp. (TSX: ECN) completed
its second public financing deal in May 2017,
and then subsequently announced the acqui-
sition of Service Finance Co. of Florida.
ECN Capital is the entity that was
spun out of Element Financial in late 2016
through a butterfly reorganization. e com-
pany is led by CEO Steve Hudson.
e $100 million preferred share financ-
ing was executed under ECN's $2 billion
shelf prospectus. e offering was led by
BMO Capital Markets.
e financing was completed under the
direction of Loreto Grimaldi, ECN's Gen-
eral Counsel, with assistance from Blake,
Cassels & Graydon LLP, with a team com-
prising David Toswell, Shlomi Feiner, Mike
Hickey, Jacob Gofman, Madison Kragten,
Jon Viner and Taylor Dickinson.
Osler, Hoskin & Harcourt LLP repre-
sented the underwriters with a team consist-
ing of Desmond Lee, Rosalind Hunter, Tim
Hughes, Trevor Kirsh and Megan Lem.
On June 8, 2017, ECN Capital announced
it had entered into an agreement to acquire
Service Finance Co. (SFC) for $410 million.
SFC originates and services prime and super-
prime installment contracts to finance home
improvement projects in the US.
Under the terms of the agreement, ECN
Capital will acquire all the employees, sys-
tems, IP and offices of SFC, which is head-
quartered in Boca Raton, Florida.
e acquisition was led by ECN Gen-
eral Counsel Loreto Grimaldi, with exter-
nal counsel assistance provided by Baker
Hostetler LLC (a team led by Steve Gold-
berg) and Blake, Cassels & Graydon LLP
(David Toswell and Mike Hickey).
APAX COMPLETES SALE
OF ITS EQUITY INTEREST
IN GARDA WORLD
CLOSING DATE: MAY 26, 2017
On May 26, 2017, Apax Partners (Apax), one
of the world's leading private equity invest-
ment groups, completed the sale of its remain-
ing shares of the parent company (HCA Par-
ent Corp.) of Garda World Security Corp.
(Garda World) to Stephan Crétier, Founder,
Chairman and CEO of Garda World, along
with certain members of management and
an entity held by investment funds affiliated
with Rhône Capital (Rhone).
Garda World is among the world's largest
privately owned security services providers.
Garda World and HCA Parent Corp.
were represented in Canada by Séguin Ra-
cine, Avocats by a team led by Pierre-Hubert
Séguin and that included Éric Archambault,
Angela Kosciuk and Lara Malewski (M&A/
corporate); Bruno Racine and Anne-Carole
Turgeon (tax); and Stéphane Palardy and Da-
vid Gravel (regulatory).
Garda World was represented in the
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