XS Financial Taken Private by Mavik Capital and Axar Capital

XS Financial Inc. ("XS") announced the completion of its privatization by Mavik Capital Management and Axar Capital Management LP. Mavik and Axar's combined expertise aims to enhance XS's position in the equipment financing market. The transaction will enable XS to scale and diversify its offerings, addressing the rising demand for CAPEX financing in the U.S. middle market.

Vik Uppal, CEO of Mavik, highlighted the potential for XS to grow in the trillion-dollar U.S. equipment finance industry. Andrew Axelrod, Managing Partner at Axar, emphasized that privatization positions XS to leverage new opportunities in the sector. David Kivitz, CEO of XS, expressed enthusiasm about the partnership's ability to innovate and meet borrower needs.

Incorporated in 2017, XS specializes in providing non-dilutive CAPEX and equipment financing to middle-market businesses. The company will now delist from the Canadian Securities Exchange as part of the transaction terms.