Värde Partners buys 51 percent of Canaccede, will invest in lending business

U.S. alternative investment firm Värde Partners has agreed to purchase a 51 percent equity stake in Canaccede Financial Group Ltd, an alternative financial services provider based in London, Ontario. The acquisition's value was not disclosed. As part of the transaction, Värde has agreed to commit up to $275 million of funding for Affirm Financial Services Inc, Canaccede's non-prime consumer lending business in Canada. Värde said the investment will help Canaccede expand and deliver its consumer finance offerings. Last June, Värde raised US$2 billion in the final close of its latest distressed and credit investments fund.

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