Strategic Investment from ECN Capital
ECN Capital Corp. (TSX:ECN), one of North America’s leading financial services companies, today announced that it has entered into a definitive agreement to make a strategic investment in The Kessler Group (“Kessler” or “KG”). This investment represents a significant strategic opportunity for ECN to partner with Howard Kessler, his team and KG’s clients. Under the terms of the agreement, ECN Capital will invest US$221.2 million in KG. The transaction is expected to be immediately accretive to non-GAAP earnings per share and generate over $20 million of annual run-rate cost synergies within 2 years of closing, excluding stock-based compensation and other charges. Mr. Kessler will continue to run the company as Chairman and CEO, responsible for driving KG’s business and strategy.