Chesswood Merger of its Blue Chip Leasing Subsidiary with Vault Credit Corporation
|Areas||Mergers and Acquisitions|
Goodmans LLP acted for Vault Credit Corporation. Chesswood Group Limited, a North American commercial equipment finance provider for small and medium-sized businesses, merged its subsidiary, Blue Chip Leasing Corporation, with Vault Credit Corporation, increasing the scale of its equipment finance business in Canada. The merger resulted in Chesswood holding a controlling 51% ownership interest in a newly created corporation which wholly-owns each of Blue Chip and Vault.
Goodmans advised Vault Credit Corporation with respect to a pre-closing internal reorganization, the contribution agreement used to vend in the business into the newly created corporation as well as the ongoing governance structure of the joint venture, including the unanimous shareholders’ agreement.