Servus Credit Union has acquired Stride Capital Corporation, a Calgary, Alberta-based equipment financing and leasing provider.
Following the acquisition, Stride Capital becomes a wholly owned subsidiary and new division of Servus Credit Union.
The move represents Servus’s next step in reimagining its credit union business in response to the changing Canadian financial landscape.
“We are excited that Servus and Stride are coming together to deliver ongoing exceptional leasing services to Stride’s existing and new clients, and Servus’s membership of over 380,000 Albertans,” said Ian Burns, President and CEO of Servus.
“Stride’s leasing services will be available to Servus’s commercial members, giving them greater access to credit and features to help them grow their own enterprises, while Stride’s existing clients will benefit from more and larger leasing opportunities owing to Servus’s financial strength.”
Founded in 2016, Stride Capital provides leasing for new and used heavy equipment in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Atlantic Canada and the Yukon.
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Backed by Servus, Stride will increase its footprint in lease financing for businesses, helping them expand their equipment, machinery and operations in the agriculture, construction, energy, forestry, manufacturing, mining and transportation industries across Canada.
“Through this arrangement with Servus, we see tremendous opportunity for the expansion of our business in the provinces where we operate,” said Randy Mannix, President of Stride. “We will be able to provide our customers with increased access to capital, while most of our management group and all 20 employees will become part of the new subsidiary.”
Servus Credit Union was founded in 1938 in Alberta. Today, the credit union is one of Canada’s Best Managed Companies and Canada’s Best Banks and has more than 100 branches in 59 communities throughout the province.
Earlier this year, Servus announced an intent to amalgamate with connectFirst Credit Union, which, if approved, would create one of the leading credit unions in Canada. Stride’s specialty leasing services would be available to all members of this new entity should the amalgamation proceed.
