Northpoint Commercial Finance, a provider of inventory finance solutions to a variety of industries including recreation vehicle, reported that the company exceeded $1 billion in receivables in 2017. The company was acquired by LBC Capital, a division Laurentian Bank, last year.
Northpoint CEO Dan Radley noted in a press release, “The cornerstone of the Northpoint value proposition is customer satisfaction. Our unique approach and solutions that were created with our customers in mind, have led to our growth. The recent acquisition by LBC Capital will only strengthen our ability to drive future growth through innovative programs for the customers we serve.”
After five years of growth, Northpoint was acquired by LBC Capital in the third quarter of 2017, an anticipated move as the business evolved. Laurentian Bank, which has been in business for over 170 years, provides “stability and financial strength” with over $43 billion in assets, the release stated.
President of LBC Capital, Eric Provost, explained that Laurentian Bank remains focused on facilitating the future success of Northpoint, stating, “Northpoint has a solid track record and unique expertise in originating, managing, and growing this size of a portfolio, but what we are anticipating is even more future growth in 2018 as we work towards a scalable end-to-end equipment finance platform. From these predictions, Northpoint is slated to remain a long-term and commanding force in this marketplace.”