Ares to finance Rifco's buy of $25 mln auto loan portfolio
Red Deer, Alberta-based auto finance company Rifco Inc (TSX-V: RFC) has agreed to acquire a $25 million portfolio consisting of more than 1,850 consumer automobile loans. The seller, a competing Canadian auto lender, was not identified. The loans portfolio being acquired, which primarily originated in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, and which Rifco reports have been "performing consistently through the last year," will grow the company's loan assets by over 10 percent. The deal will be financed in part through the proceeds of loans supplied by U.S. alternative assets manager Ares Management.
4 June 2018•4 mins read
