Caisse to invest in Laurentian's buy of U.S. inventory finance lender

Laurentian Bank of Canada (TSX: LB) has agreed to acquire Northpoint Commercial Finance, a U.S. inventory finance lender with a portfolio of about $1.2 billion. The deal, which Laurentian will fund with a $225 million equity financing and existing liquidity, is expected to close in fiscal 2017. In a separate release, the bank announced plans to raise funds to cover a portion of the acquisition, including a $25 million investment by Caisse de dépôt et placement du Québec. Laurentian said Northpoint will be a strategic fit with its own equipment finance subsidiary, LBC Capital.

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