OnDeck Canada’s Management Buyout from Enova International Inc.

Cassels and McCarthy Tétrault LLP acted for OnDeck on the deal.

On May 19, 2022, OnDeck Canada, a leading online small business lender, completed a management buyout from US-based Enova International Inc. (NYSE:ENVA) moving the business to 90% Canadian ownership. 

The transaction signals management’s optimism about the future direction of the business and in the strong growth potential that exists in widening its digital credit product portfolio.

The core management team is comprised of Neil Wechsler (CEO), Harley Greenspoon (COO) and David Souaid (CRO).

The OnDeck Canada brand will be maintained following the close of the transaction.

OnDeck Canada is a national leader in reliable, accessible, and efficient online lending for Canadian small businesses, offering a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances. 

Enova International is a leading financial technology company providing online financial services through its AI and machine learning powered lending platform.

The Cassels’ team was led by Partner Andrew Reback (Picture), assisted by Luke Woolford, David Bach, Jason Arbuck, Daniel Cipollone, Simone Dreksler, Bernice Karn, Brenda Swick, Rick Da Costa, Alex Slota and Tiffany Konechny. 

The McCarthy Tétrault team consisted of Ana Badour (Financial Services), Robert Anton, Daanish Pasricha (M&A), Kabir Jamal and Dean Xiao (Tax).

Involved fees earner: Jason Arbuck – Cassels Brock & Blackwell LLP; David Bach – Cassels Brock & Blackwell LLP; Daniel Cipollone – Cassels Brock & Blackwell LLP; Rick Da Costa – Cassels Brock & Blackwell LLP; Simone Dreksler – Cassels Brock & Blackwell LLP; Bernice Karn – Cassels Brock & Blackwell LLP; Andrew Reback – Cassels Brock & Blackwell LLP; Brenda Swick – Cassels Brock & Blackwell LLP; Luke Woolford – Cassels Brock & Blackwell LLP; Robert Anton – McCarthy Tétrault; Ana Badour – McCarthy Tétrault; Kabir Jamal – McCarthy Tétrault; Daanish Pasricha – McCarthy Tétrault; Dean Xiao – McCarthy Tétrault;

Law Firms: Cassels Brock & Blackwell LLP; McCarthy Tétrault;

Clients: OnDeck Canada;

Sonia Carcano

Author: Sonia Carcano