Associates Financial Acquires Hamilton Discount for $135M

Associates Financial Services of Canada Ltd. acquired Hamilton Discount Corporation Limited from Canadian Tire Acceptance Limited on March 1, 2001. In addition, Associates purchased from Canadian Tire Acceptance a private label credit card business managed on behalf of a third-party retailer. Total cash proceeds from the transaction exceeded $135 million. Hamilton Discount Corporation is a provider of private-label credit card programs to some of Canada’s largest retailers. Through this transaction, Associates extended its leadership in the private-label credit card business. Canadian Tire will concentrate on its own Canadian Tire-branded credit products.

Blake, Cassels & Graydon LLP was retained to assist Associates in the transaction, with a team comprised of Greg Frenette, Ted Betts (corporate), Dawn Jetten (regulatory) and Rob Kwinter (competition). Canadian Tire was represented by the Cassels Brock & Blackwell LLP team of Robyn Collver, Bruce Clark, Craig Podrebarac, Maria Rossi (corporate) and Frank Monteleone (competition).