ECN Capital Corporation is a Canadian financing company with managed and advised assets of approximately US$29 billion. It provides credit portfolios to 90 U.S. financial institutions and also originates, manages and advises on prime credit assets. It is listed on the Toronto Stock Exchange.
History
ECN was founded in October 2016, through a spin-off of Element Financial's equipment finance division.[1] The spin-off resulted in two separate publicly traded companies: Element Fleet Management, which manages vehicle fleets, and ECN Capital, which provided commercial financing, especially to fleet owners.[2]
In February 2017, ECN sold its US commercial and vendor finance business to PNC Capital for $1.25 billion.[3] The deal caused the company's share price to rise, in part because the sale price was above book value.[4] This deal was part of a larger attempted re-deployment of capital by ECN from vendor and equipment financing to home improvement and construction financing.