Vancouver, British Columbia--(Newsfile Corp. - January 20, 2023) - Solution Financial Inc. (TSX: SFI) (the"Company"),a leading provider of luxury automotive and yacht leasing in Canada, is pleased to announce that it has established a securitization facility for up to $35 million with Sun Life Assurance Company of Canada ("Sun Life"), the primary life insurance subsidiary of Sun Life Financial Inc., which will be advised by SLC Management.
This securitization facility will enable Solution Financial to access the growth capital to expand its market share into Ontario and to further enhance its network of premium luxury automotive dealerships in British Columbia and Alberta.
"We are thrilled to announce this wonderful new financing partnership with Sun Life," said Bryan Pang, Chief Executive Officer. "Solution Financial continues to build out its offering and infrastructure in collaboration with Geminus Acquisitions & Management Inc. ("Geminus"). Geminus has been instrumental in supporting the Company's long-term growth initiatives and the facilitation of this new relationship with Sun Life," concluded Bryan.
Geminus was paid a fee to facilitate the establishment of the credit facility and is a related party that is controlled by a director of the Company.
About Solution Financial
Solution Financial was incorporated under the provisions of the Business Corporations Act (British Columbia) in 2004 and specializes in sourcing and leasing luxury and exotic vehicles, yachts, and other high-value assets. Solution works with a select group of automotive and marine dealerships providing specialized lending solutions to clients who are under served by traditional Canadian financial institutions. Typical customers include new immigrants, business owners, and international students. Solution Financial provides a unique leasing experience whereby it partners with its clients to help them navigate the challenges of acquiring, insuring, maintaining, and upgrading vehicles and luxury assets in Canada.
About Geminus
Geminus is an independent Canadian financial company that facilities consumer and commercial lending solutions across various asset types and credit classes. Headquartered in Calgary, AB, Geminus supports multiple lending platforms across Canada with combined assets under management of $385 Million as of December 31, 2022. For more information about Geminus, visit www.geminus.ca
About SLC Management
SLC Management is a global institutional asset manager that offers institutional investors traditional, alternative and yield-orientated investment solutions across public and private fixed income markets, as well as global real estate equity and debt. SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. under which the entities of Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate. These entities are also referred to as SLC Fixed Income and represent the investment grade public and private fixed income strategies of SLC Management.
BentallGreenOak, InfraRed Capital Partners (InfraRed) and Crescent Capital Group (Crescent) are also part of SLC Management. BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. InfraRed is an international investment manager focused on infrastructure, managing equity capital in multiple private and listed funds, primarily for institutional investors across the globe. Crescent is a global alternative credit investment asset manager registered with the U.S. Securities and Exchange Commission as an investment adviser. Crescent provides private credit financing (including senior, unitranche and junior debt) to middle-market companies in the U.S. and Europe and invests in high-yield bonds and broadly syndicated loans.
As of September 30, 2022, SLC Management has assets under management of C$353 billion (US$255 billion).
For more information, please visit slcmanagement.com.
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2022, Sun Life had total assets under management of $1.27 trillion. For more information please visit www.sunlife.com.
Note to editors: All figures in Canadian dollars
For further information please contact Sean Hodgins, CFO at (778) 318-1514.
ON BEHALF OF THE BOARD
(signed) "Bryan Pang"
Brian Pang, President, CEO and Director
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