ECN Capital Corp. (“ECN Capital” or the “Company”) is pleased to announce that it has closed its previously announced sale to funds managed by Stone Point Capital LLC (“Stone Point”) of all of the issued and outstanding equity interests in ECN Kessler Holdco LLC (the “Kessler Group”), a wholly-owned, indirect subsidiary of the Company through which ECN Capital operated the Kessler Group business (the “Transaction”).
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ECN Capital expects to use the net proceeds of the Transaction to initially pay down debt and then redeploy a portion of the proceeds to accelerate its tuck-in acquisition strategy in its prime marine and RV financing business.
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