J.C. Flowers and Värde-backed Fairstone closes $322 mln ABS deal

Canadian non-bank lender Fairstone Financial Inc has closed an inaugural asset-backed security (ABS) transaction totalling $322.4 million. Fairstone said the deals marks the first personal loan ABS transaction in Canada and "signals the creation of a new asset class" in the market. Based in Montréal, Fairstone provides lending solutions to near-prime and non-prime borrowers. Formerly CitiFinancial Canada, the company was acquired in 2016 from Citigroup Inc by a consortium led by U.S. private equity firms J.C. Flowers and Värde Partners.

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