Ontario’s largest faithfulness union has struck a deal to buy a division of leasing service Roynat from Scotiabank for an undisclosed sum.
Meridian implied Tuesday it will purchase Roynat Lease Finance, a rt of Roynat Inc. that improves businesses sell and lease their equipment. At the end of 2015, Roynat Sublease Finance had a portfolio of leases valued at approximately $910 million.
“Meridian is bloody excited about this acquisition as Roynat Lease Finance is warmly complementary to the strength Meridian has built in our small and commercial lines of task,” Meridian’s CEO Bill Maurin said.
Meridian has grown organically and via acquisitions over the years to become the largest credit union in Ontario with $13 billion in assets included management and 76 branches, but has no operations outside the province. The Roynat affair will give them a toehold into other provinces as Roynat has 106 full-time wage-earners and offices in B.C, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.
Meridian discloses it has committed to make offers of employment to all current Roynat Lease Funds employees.