Welcome!

News Feed Item

Coast Capital Group of Companies and Travelers Financial Corporation to combine equipment finance businesses

VANCOUVER, April 16, 2014 /CNW/ - Coast Capital Equipment Finance Ltd. (CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) announced today that the assets of the prime equipment and vehicle finance business of TFC will become part of the Coast Capital Group of Companies.

The deal is expected to close early next month. Following the close, the consolidated equipment finance business of the Coast Capital Group of Companies will be carried out under CCEF and two new entities, Travelers Finance Ltd. and Travelers Leasing Ltd.

The combined organizations' position in the Canadian equipment financing sector will be strengthened as a result of this agreement. The transaction will allow the two organizations to align their combined expertise and core strengths, while capitalizing on shared efficiencies and reaping the benefits of increased opportunities, including a broader customer base across the country and positioning for future growth.

TFC is one of the largest independent finance and leasing companies in Canada, offering a wide range of assets-based financing solutions to commercial and industrial sectors. Headquartered in Burnaby B.C., they also have offices in Alberta, Saskatchewan, Manitoba and Ontario.

While the ownership structure is changing, it's business as usual. Customers can expect the same level of personal attention from the staff they have come to know. In the future, customers will benefit from the new arrangement, including a more efficient credit and funding process and more competitively priced products.

"At Travelers we're proud of all our employees and leadership team have accomplished. Finding an organization that shares mutual goals for growth and improved service means that we can continue to watch our team grow and succeed while ensuring that we're doing the best we can for our customers in a competitive marketplace," says Jim Case, CEO, Travelers Financial Corporation "This opportunity holds so much potential and really puts us on the map as an industry leader."

"We're excited about the possibilities that bringing Travelers' business into the Coast Capital Group of Companies offers," says Tracy Redies, Coast Capital Savings' President and CEO. "With our combined industry expertise and superior offerings, this deal brings our customers several new financing options that will ultimately help our business customers access the tools they need to succeed and continue to grow."

Under the terms of the agreement, Travelers' shareholders will have a minority equity interest in the combined operations. TD Securities Inc. acted as financial advisor to Coast Capital Savings in connection with the transaction.

ABOUT COAST CAPITAL EQUIPMENT FINANCE LTD. ("CCEF")

CCEF is a subsidiary of Coast Capital Savings. Coast Capital Savings is Canada's second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia.

Coast Capital Savings, directly and through CCEF offers commercial and industrial equipment leasing and financing to companies located from British Columbia to Ontario.

The activities of CCEF are focused on securing financing opportunities primarily in the transportation, manufacturing, and construction markets, as these financings are secured with strong resale values to mitigate risk.

ABOUT TRAVELERS FINANCIAL CORPORATION ("TFC")

TFC was founded in 1986, and has since maintained a focus on the mid-market equipment leasing business. TFC offers a wide range of asset-based financing solutions to commercial and industrial sectors including transportation, construction, manufacturing, and other capital intensive industries, as well as corporate aircraft and automobile leasing.

In addition to the business operated by TFC, the operations of the Travelers Group were diversified in 1993 with the acquisition of a consumer acceptance company, Travelers Acceptance Corporation, which in 2010 was acquired by Servus Credit Union. Further diversification was achieved in 1995 with the national expansion of Travelers Leasing Corporation, an automobile leasing company that in 2007 was acquired by Scotiabank and renamed Scotia Dealer Advantage. Travelers expanded again in late 1999 with the acquisition of an Alberta-based equipment leasing company, which was later merged into Travelers Financial Corporation.

SOURCE Travelers

Image with caption: "Travelers (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39385.jpg

Image with caption: "Coast Capital Savings (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39384.jpg

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...