Majority interest in Vault Credit Corporation and Vault Home Credit Corporation sold for $60 Million to HB Leaseco affiliate

Goodmans LLP represented Vault Credit Corporation and Vault Home Credit Corporation in the sale of Chesswood Group Limited's entire interest in Vault to an affiliate of HB Leaseco Holdings Inc., in accordance with a share purchase agreement.

Pursuant to the terms of the purchase agreement, the affiliate has acquired Chesswood's 51% majority interest in Vault for an amount equal to C$60 million, the proceeds of which have been used to reduce the company's outstanding indebtedness.