On March 9, 2020, Canaccede Financial Group (“Canaccede”), the largest buyer of charged-off consumer receivables and insolvencies in Canada, closed its strategic acquisition by Jefferson Capital Systems, LLC (“Jefferson Capital”), a leading purchaser and servicer of consumer charged-off and bankruptcy receivables in the United States and the United Kingdom. J.C. Flowers & Co., a leading private investment firm specializing in the financial services industry, is the principal shareholder of Jefferson Capital.
Jefferson Capital and Canaccede will remain independent companies focused on servicing their clients and consumers. Scott Coffin, formerly President of Canaccede, has been appointed Canaccede’s Chief Executive Officer effective immediately. He replaces co-founder, Andy Szemenyei, who will join J.C. Flowers on Jefferson Capital’s Board of Directors. Canaccede’s management team and Board of Directors will remain in place, and David Burton, Founder and CEO of Jefferson Capital, will join Canaccede’s Board.
Miller Thomson advised the shareholders of Canaccede regarding this transaction with a team including James Rumball, Jay Hoffman, Max Spearn, Adam Bata and Desmond Christy (Corporate/M&A); Ron Choudhury and Manjit Singh, (Tax); Pierre Soulard (Securities); Marco Maduri (Financial Services); Kim Ozubko (Pensions & Benefits); Karen Durell (Intellectual Property); Michelle MacGillivray (Labour & Employment); and Eric Dufour (Competition).