|Traded as||TSX: ACD|
|Revenue||CAD$ 31.4 million. (2017)|
Accord Financial is a finance company specializing in commercial lending that provides credit facilities of $5 thousand to $20 million to small and medium-sized enterprises (SMEs) throughout the United States and Canada.
Accord’s asset-based lending finance programs include accounts receivable financing, retail inventory finance, equipment finance, supply chain finance, factoring, accounts receivable management and small business loans.
History[edit | edit source]
Accord Financial was established in 1978, commencing factoring operations in Toronto and Montreal after raising $2 million in start-up capital. In 1979, the company’s first full year of operations, the factoring volume reached $92 million. Over the 10 years that followed, Accord Financial made 3 acquisitions:
- Kerlen Factors Ltd. in 1984;
- the Canadian factoring business of Heller Financial in 1986; and
- U.F. Financial Services Inc. in 1990.
In 1992 Accord Financial went public on the Toronto Stock Exchange (TSX), after which it acquired majority control of JTA Factoring in the US and 100% of Montcap Financial Corp. in Canada. Three more acquisitions brought further growth before the end of the 1990s:
- the acquisition of the balance of Accord Financial, Inc. (formerly JTA Factoring);
- the totality of Skyview International Finance Corp., a company specialized in import finance, in 1996; and
- the factoring portfolio of Richards Capital Corp. (Dallas) in 1998.
In 2005 Accord Financial acquired iTrade Finance, a company specializing in financing international transactions, and it introduced a new program offering supply chain finance in 2012. Subsequently, the company acquired Brome Capital’s portfolio in 2013 and completed the acquisition of Varion Corp. (dba Accord Small Business Finance), a Canadian equipment finance company, in 2014.
2017 brought further growth to Accord Financial with the completion of an investment in Santa Monica-based film and television financier BondIt Media Capital in July and the acquisition of a 90% interest in CapX Partners, a Chicago-based equipment finance business, in October
In 2018, following these acquisitions, Accord reported record funds employed of $255 million and signed a new senior secured revolving credit facility totaling $292 million with a syndicate of banks.
Memberships[edit | edit source]
- Association for Corporate Growth (ACG)
- International Factoring Association (IFA)
- Factors Chain International (FCI)
- Turnaround Management Association (TMA)
- Commercial Finance Association (CFA)
- Alliance of Merger & Acquisition Advisors (AM&AA)
- Southern Capital Forum (SFC)
See also[edit | edit source]
- Toronto Stock Exchange (TSX)
- Commercial Lending
- Asset-Based Lending
- Factoring, also known as Accounts Receivable Financing
- Reverse Factoring, also known as Supply Chain Finance
References[edit | edit source]
- "Accord Financial Annual Report 2017". Accord Financial. 2018-08-31. Retrieved 2018-08-31.
- "Accord Financial (TSX:ACD) Company Profile". Toronto Stock Exchange (TMX Group Ltd). 2018-08-31. Retrieved 2018-08-31.
- "Company Overview of Accord Financial". Bloomberg. 2018-08-31. Retrieved 2018-08-31.
- "Accord Announces Acquisition of iTrade Finance Inc". System for Electronic Document Analysis and Retrieval (SEDAR). 2005-11-02. Retrieved 2018-08-31.
- "AccordOctet will revolutionize trade sourcing in China". Canada Newswire. 2012-06-12. Retrieved 2018-08-31.
- "Accord Financial Acquires Portfolio of Loans from Brome Capital". System for Electronic Document Analysis and Retrieval (SEDAR). 2013-11-11. Retrieved 2018-08-31.
- "Leasing Company Acquisition Fuels Accord's Growth Strategy". System for Electronic Document Analysis and Retrieval (SEDAR). 2018-08-31. Retrieved 2018-08-31.
- "Accord Financial Corp. completes strategic investment in film and television financier BondIt Media Capital". Canada Newswire. 2017-07-17. Retrieved 2018-08-31.
- "CapX Partners Joins Accord Financial Corp. Family". PR Newswire. 2017-10-27. Retrieved 2018-08-31.
- "Accord Announces Record Funds Employed". System for Electronic Document Analysis and Retrieval (SEDAR). 2018-09-23. Retrieved 2018-09-23.
- "Accord Financial Corp. Inks Increased Credit Facility to Support Growth". System for Electronic Document Analysis and Retrieval (SEDAR). 2018-09-23. Retrieved 2018-09-23.
[edit | edit source]
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