Chesswood Group has formed Vault Home Credit, which will provide home improvement solutions and other consumer finance solutions in Canada. In addition, Tobias Rajchel has been appointed Chief Financial Officer of Chesswood Group. Rajchel has served as interim CFO since March 2021.
Vault Home will be managed by John Stout and Kyle Wenn, the former founders of SNAP Financial Group, a Canadian high-end home improvement and financing company that was sold in 2020. Prior to the sale, SNAP had gross receivables of approximately 750 million dollars and annual assemblies. exceeding $ 250 million.
Vault Home will leverage the existing Vault Credit brand and infrastructure. “The formation of Vault Home will expand Chesswood’s presence outside of equipment rental, diversifying our portfolio and increasing our target market in Canada. We are particularly excited to partner with John Stout and Kyle Wenn, both of whom have strong backgrounds in the home improvement market and are industry veterans in the specialty finance sector in Canada, ” said Ryan Marr, CEO of Chesswood Group.
“We are delighted to be back in the consumer finance industry and in partnership with Chesswood Group. Our teams share a common culture and vision to build a specialized financial platform in Canada. Working with Chesswood, we look forward to providing top notch financial products and service to our dealer and partner network, ”said Stout.
Vault Home has already signed a number of dealer deals and is targeting $ 60 million in mounts for the first year.
Chesswood owns a 51% stake in Vault Home. It has undertaken to provide (including the amount paid for its participation) in capital of $ 2.5 million.