Edmonton’s Servus Credit Union has acquired Calgary-based equipment financing and leasing provider Stride Capital.
The acquisition represents Servus’s next step in reimagining its credit union business in response to the rapidly changing Canadian financial landscape.
“We are excited that Servus and Stride are coming together to deliver ongoing exceptional leasing services to Stride’s existing and new clients, and Servus’s membership of over 380,000 Albertans,” said Ian Burns, President and CEO of Servus.
“Stride’s leasing services will be available to Servus’s commercial members, giving them greater access to credit and features to help them grow their own enterprises, while Stride’s existing clients will benefit from more and larger leasing opportunities owing to Servus’s financial strength.”
Backed by Servus, Stride will be an increasingly powerful national competitor continuing to offer its common-sense lease financing for businesses, helping them expand their equipment, machinery and operations in the agriculture, construction, energy, forestry, manufacturing, mining, and transportation industries across Canada.
“Through this arrangement with Servus, we see tremendous opportunity for the expansion of our business in the provinces where we operate,” said Randy Mannix, President of Stride. “We will be able to provide our customers with increased access to capital, while most of our management group and all 20 employees will become part of the new subsidiary.”
Earlier this year, Servus announced an intent to amalgamate with connectFirst Credit Union, which, if approved, would create one of the leading credit unions in Canada. Stride’s specialty leasing services would be available to all members of this new entity should the amalgamation proceed.
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