Canada’s Meridian credit union acquires Roynat Lease Finance

Meridian’s CEO Bill Maurin (pictured below) said.”Meridian is very excited about this acquisition as Roynat Lease Finance is highly complementary to the strength Meridian has built in our small and commercial lines of business.”

Meridian has grown organically and through acquisitions over the years to become the largest credit union in Ontario with CAN$13 billion in assets under management and 76 branches, but has no operations outside the province. The Roynat business will give it a toehold into other provinces as Roynat has 106 full-time employees and offices in B.C, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.

As part of the transaction, Meridian has committed to make offers of employment to all Roynat Lease Finance employees and to provide a seamless experience to all Roynat Lease Finance clients.

“We are excited to join forces with Meridian,” said Joe LaLeggia, Senior Vice President of Roynat Lease Finance. “Our organizations share a similar value proposition that focuses on strong, relationship-based service that will remain core to the business moving forward.”

Roynat Lease Finance provides customized commercial equipment leasing solutions with a specific focus on the small to mid-ticket market and had a portfolio of leases valued at approximately CAN$910 million at the end of 2015.  Upon closing of the transaction, Joe LaLeggia will be appointed President of Meridian’s newly acquired lease finance business.

Deloitte acted as exclusive financial advisor to Meridian in connection with this transaction, and Torys LLP acted as legal counsel to Meridian.