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Accord Financial

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Accord Financial | Financière Accord
Traded asTSXACD
IndustryCommercial Lending
Areas served
Key people
  • Tom Henderson (President & CEO Corp.)
  • Ken Hitzig (Founder & Chaiman of the Board)
  • Fred Moss (President, Montreal)
  • James Jang (President, Vancouver)
  • Jeffry Pfeffer (Managing Partner, Chicago)
  • Jim Bates (President, Toronto)
  • Matthew Helderman (CEO & Co-founder, Santa Monica)
  • Terry Keating (President, Greenville)
RevenueIncrease CAD$ 31.4 million.[1] (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.

The company is publicly listed on the Toronto Stock Exchange (TSX:ACD)[2], with offices in Chicago, Greenville, Santa Monica, Montreal, Toronto and Vancouver.

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.[3]

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[4], a company specializing in financing international transactions, and it introduced a new program offering supply chain finance in 2012[5]. Subsequently, the company acquired Brome Capital’s portfolio in 2013[6] and completed the acquisition of Varion Corp. (dba Accord Small Business Finance), a Canadian equipment finance company, in 2014[7].

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[8] and the acquisition of a 90% interest in CapX Partners, a Chicago-based equipment finance business, in October[9]

In 2018, following these acquisitions, Accord reported record funds employed of $255 million[10] and signed a new senior secured revolving credit facility totaling $292 million with a syndicate of banks.[11]

Memberships[edit | edit source]

See also[edit | edit source]

References[edit | edit source]

  1. "Accord Financial Annual Report 2017". Accord Financial. 2018-08-31. Retrieved 2018-08-31.
  2. "Accord Financial (TSX:ACD) Company Profile". Toronto Stock Exchange (TMX Group Ltd). 2018-08-31. Retrieved 2018-08-31.
  3. "Company Overview of Accord Financial". Bloomberg. 2018-08-31. Retrieved 2018-08-31.
  4. "Accord Announces Acquisition of iTrade Finance Inc". System for Electronic Document Analysis and Retrieval (SEDAR). 2005-11-02. Retrieved 2018-08-31.
  5. "AccordOctet will revolutionize trade sourcing in China". Canada Newswire. 2012-06-12. Retrieved 2018-08-31.
  6. "Accord Financial Acquires Portfolio of Loans from Brome Capital". System for Electronic Document Analysis and Retrieval (SEDAR). 2013-11-11. Retrieved 2018-08-31.
  7. "Leasing Company Acquisition Fuels Accord's Growth Strategy". System for Electronic Document Analysis and Retrieval (SEDAR). 2018-08-31. Retrieved 2018-08-31.
  8. "Accord Financial Corp. completes strategic investment in film and television financier BondIt Media Capital". Canada Newswire. 2017-07-17. Retrieved 2018-08-31.
  9. "CapX Partners Joins Accord Financial Corp. Family". PR Newswire. 2017-10-27. Retrieved 2018-08-31.
  10. "Accord Announces Record Funds Employed". System for Electronic Document Analysis and Retrieval (SEDAR). 2018-09-23. Retrieved 2018-09-23.
  11. "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.

External links[edit | edit source]

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