Maxium Financial Services Inc. and Desante Financial Services Inc. have entered into an agreement to sell substantially all of its future business to Canadian Western Bank and will retain the existing portfolio in a transaction expected to close in the first calendar quarter of 2016.
“We are excited to become part of CWB Group, and will have the ability to retain our culture, people and unique operating style. We believe our company culture has contributed to our success and this was a condition when identifying the right purchaser. As a partner company within CWB Group, we will have access to enhanced funding, flexible lending terms and better resources for our customers, resulting in opportunities for growth in existing and new markets. Other than the foregoing positive influences, we expect to maintain business as usual,” said Daryl MacLellan, Desante’s president, in a release.
“This is a tremendous opportunity for our business teams to join forces with a respected financial institution that we have come to know well over the past number of years,” added Paul McLean, Chief Executive Officer and founding partner of Maxium Group. “Becoming part of the CWB Group significantly expands our funding capabilities and access to capital, and provides additional resources to help us achieve our full potential. Ultimately, we expect this partnership will facilitate our ambitions to help more customers, in more ways, and take us to another level of service, performance and growth. We look forward to our part in further building CWB Group’s profile across the country, and particularly in Ontario, where we currently have more than 40 employees and over 80% of our business.”
Based in Richmond Hill, Ontario, Maxium was founded in 1993 and provides niche financing to quality businesses underserviced by traditional lenders. As one of Canada’s largest privately held financing companies, Maxium offers golf equipment and mortgage financing, condominium and strata maintenance and repair loans, energy and renewable project financing, vendor programs, furniture and fixture financing and transportation financing across Canada. Desante became part of the Maxium Group in 2004 and specializes in healthcare financing for professionals.
What does this deal mean to pharmacists?
According to Mike Jaczko, partner & portfolio manager at K.J. Harrison & Partners Inc., and himself a pharmacist, “With this deal, you get the best of both worlds: you get the speed and experience of the existing Maxium management team. At the same time you might see a broader range of funding solutions for your business. I personally think it is a positive development for pharmacists. These people (at Maxium and Desante Financial Services Inc.) are incredibly responsive to the market. I think you’ll see the same responsiveness with Canadian Western Bank but with a broader range of funding solutions for the pharmacists. It’s definitely good news!”