Desjardins Group enters a definitive agreement to acquire Bennington Financial Corp., enhancing its national growth ambitions
The acquisition will add specialized commercial equipment leasing and financing capabilities to Desjardins’ Business Services offering.
Bennington is a leading independent broker-focused equipment leasing and financing provider in Canada, with approximately $1.1 billion in assets, a national presence and deep industry expertise.
The transaction will expand the range of financing solutions available to Desjardins’ commercial members and clients.
Desjardins Group (“Desjardins”) announces that it has entered into a definitive agreement to acquire Bennington Financial Corp. ("Bennington"), a Canadian commercial equipment leasing and financing company and a wholly owned subsidiary of Equitable Bank, held by EQB Inc. (TSX: EQB) (“EQB”). The acquisition marks an important step in the continued national growth of Desjardins and adds specialized equipment leasing and financing capabilities to its offering for businesses and entrepreneurs across Canada.
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2027.
Bennington is a leading independent broker-focused equipment financing provider in Canada, with approximately $1.1 billion in assets, a national presence and deep expertise in commercial equipment leasing and financing. Through its established broker network, Bennington provides specialized financing solutions that help Canadian businesses invest and grow. Its strong market position and established relationships complement Desjardins’ scale, financial strength and business network.
“This acquisition reflects our ambition to grow across Canada and become the preferred banking partner for businesses,” said Denis Dubois, President and CEO of Desjardins Group. “By bringing together Desjardins’ scale with Bennington's recognized expertise, we are expanding the range of solutions available to our commercial members and clients, while strengthening our ability to support businesses as they invest, innovate and grow.”
Following the transaction, Bennington will continue to operate as a standalone business, allowing employees, clients and broker partners to continue benefiting from the specialized knowledge, service model and relationships that have contributed to the company’s success. Together, Desjardins and Bennington will build on their collective strengths to better support Canadian businesses and explore new opportunities for growth.
“With Desjardins’ scale, expertise and long-term commitment to the sector, we will be well positioned to invest in more innovative financing solutions, enhance our clients' experience and support the growth and success of businesses in communities across Canada,” said Ashley Yantzi, President and CEO, Bennington Financial Corp. “Bennington has grown to be a leading equipment finance and leasing business, known for exceptional service and strong broker relationships. As we begin this next chapter with Desjardins, we see a tremendous opportunity to build on the foundation and support from EQB.”
Equipment leasing and financing provide businesses with greater flexibility to make important investments in the machinery and equipment essential to their operations, while preserving access to other sources of financing. The acquisition will strengthen Desjardins’ ability to support key sectors, including manufacturing, agriculture, agri-food, construction and healthcare, with a broader range of financing solutions.
The acquisition builds on Desjardins’ continued growth across Canada and follows a series of strategic acquisitions that have expanded its capabilities and presence across the country, most recently the acquisition of Guardian Capital Group Limited, completed in March 2026. Together, these strategic moves have broadened the products and services available to members and clients.
Norton Rose Fulbright Canada LLP is acting as legal advisor to Desjardins, and Desjardins Capital Markets is acting as financial advisor to Desjardins. In connection with the transaction, National Bank Capital Markets is acting as financial advisor and McCarthy Tétrault LLP is acting as legal advisors to EQB.
About Desjardins Group
Desjardins Group is the largest cooperative financial group in Canada and the eighth largest in the world, with assets of $543.5 billion as at June 30, 2026. Desjardins has been named one of the top employers in Canada by both Forbes magazine and Mediacorp. It offers a full range of financial and insurance products and services through its extensive distribution network, its online platforms, and its subsidiaries across Canada. In addition to being ranked among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry.
About Bennington Financial Corp.
Bennington is a national equipment finance company providing innovative, customized lending solutions to Canadian businesses. The company partners with equipment finance brokers to support a broad spectrum of customers. Its business model combines relationship-led origination, disciplined underwriting and specialized funding, servicing, collections and asset-management capabilities.
Caution Concerning Forward-Looking Statements
This press release may contain forward-looking statements. Such statements are typically identified by future and conditional verbs or words such as “expect” or “will” and other words and expressions of similar import. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties that may be general or specific and are based on assumptions that may give rise to the possibility that actual results or events could differ materially from expectations expressed in or implied by such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, those with respect to Desjardins’ objectives and views regarding timing for closing of the acquisition, the acquisition itself, the operations and businesses of the combined entity post-closing of the transaction, including Desjardins’ post-closing assets under management levels, as well as the satisfaction of closing conditions and receipt of required court, shareholders' and regulatory approvals to close the acquisition and timing thereof. It is important to note that many factors could influence future results and could have an adverse effect on results. Desjardins cautions readers against placing undue reliance on forward-looking statements when making decisions. Desjardins does not undertake to update any forward-looking statements that may be made herein, except as required under applicable law.