Goldman Sachs Asset Management Sells Financeit to Wafra
Posted on 02/11/2022
Wafra Capital Partners Inc. (WCP) acquired Toronto-based Financeit Inc. from Goldman Sachs Asset Management. Financeit is a point-of-sale financing provider for the home improvement industry and powers sales transactions for merchants in home services, recreational vehicle, and retail with technology-driven customer payment plans. The deal is valued between US$ 350 million to US$ 500 million.
In 2017, Goldman Sachs Group Inc. acquired Canadian online consumer finance company Financeit after getting a minority stake in 2015. Financeit Canada Inc. is a point-of-sale financing provider that serves home improvement, recreational vehicle, and retail industries. Financeit was founded in 2011, is based in Toronto, Canada, and operates as a subsidiary of CommunityLend Holdings Inc.
Wafra is owned by Public Institution for Social Security of Kuwait (PIFSS).
Advisors and Counsel
BMO Capital Markets, Raymond James Ltd. and RBC Capital Markets acted as financial advisors to Financeit. Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP acted as legal counsel to Financeit in connection with the Transaction. Macquarie Capital acted as financial advisor and Hughes Hubbard & Reed and Blakes, Cassels & Graydon LLP acted as legal counsel to WCP.