CA - ECN Capital to sell Kessler Group to Stone Point Capital for $210M

• ECN Capital ( OTCPK:ECNCF ) said Wednesday it will sell its unit ECN Kessler Holdco, through which it operates the Kessler Group business, to private equity firm Stone Point Capital for $210M.
• Net proceeds will be used to pay down debt and accelerate its tuck-in acquisition strategy in its prime marine and RV financing business.
• "ECNCF intends to concentrate its future investments in its manufactured housing and marine and RV financing businesses," said CEO Steven Hudson.
• The sale is expected to close late in Q3 or early in Q4.
• Based on expected impact of the Kessler Group sale on ECNCF's 2022 operating results, ECNCF's revised its 2022 adj. EPS estimate to $0.25-$0.281 vs. consensus estimate of $0.40.
• ECNCF reaffirmed its 2023 adj. EPS guidance of $0.36-$0.421 vs. consensus estimate of $0.54.

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