ECN Capital Corp. announced it has completed its strategic investment in The Kessler Group on the terms previously announced. ECN Capital this month announced it signed a definitive agreement to invest $221.2 million in KG.
“I am excited to begin this partnership with ECN Capital,” said Howard Kessler, KG Founder, Chairman and CEO. “After spending a significant amount of time considering KG’s next phase, I am convinced that ECN Capital’s shared vision and resources will enable us to pursue new opportunities to further strengthen our business.”
“We are pleased to welcome our new partners at The Kessler Group,” said Jim Nikopoulos, ECN Capital’s President. “This transaction adds significant capabilities for ECN Capital as we complete our transition from an asset-based lender to a leading business services company originating financial products and providing services for more than 90 US financial institutions.”
Steven Hudson, CEO of ECN Capital, said, “In addition to completing this strategic transition, we are pleased to announce the summary details on ECN Capital’s remaining right sizing of capital and operations.”
The “Capital and Operations Right-Sizing” summary details are available here.