Northpoint grew its receivables more than 30% year over year, which the company attributes to “offering competitive rates, providing superior customer service, and steadily growing since [launch],” a Northpoint spokesman told Powersports Finance.
The acquisition is expected to drive natural growth to Laurentian Bank’s earnings per share in the first full year of operation and by approximately 4% in 2019, the bank reported in an investor presentation last May when the acquisition was first announced.
“Northpoint has a solid track record and unique expertise in originating, managing, and growing this size of a portfolio,” Eric Provost, president of LBC Capital, said in a press release. “What we are anticipating is even more future growth in 2018 as we work toward a scalable end-to-end equipment finance platform.”
Alpharetta, Ga.-based Northpoint Commercial Finance, founded in 2012, is a U.S. and Canadian powersports and equipment inventory financier.
The company has been steadily boosting its powersports OEM partnerships over the past two years. Most recently, Northpoint announced an exclusive partnership with electric motorcycle manufacturer Zero Motorcycles, which offers fleets to businesses, police, and military operations.
Additionally, Northpoint signed an exclusive floorplan deal with Linhai Powersports USA Corp. in January 2017, as well as several multi-year floorplan financing agreements in 2016 — including ARGO, Massimo Motor, and CFMoto USA.
This article originally appeared in Powersports Finance Update, a monthly newsletter. To view previous issues, click here.