Jefferson Capital Systems LLC completed its acquisition of Canaccede Financial Group Ltd., a buyer of charged-off consumer receivables and insolvencies in Canada.

The terms of the transaction were not disclosed in the news release.

Jefferson Capital is a St. Cloud, Minn.-based purchaser and servicer of consumer charged-off and bankruptcy receivables in the U.S. and the U.K. Its principal shareholder is J.C. Flowers & Co. LLC.

Jefferson Capital and Canaccede will remain independent companies, according to the release.

Former Canaccede President Scott Coffin was named Canaccede's CEO effective immediately, replacing co-founder Andy Szemenyei. Szemenyei will join J.C. Flowers on Jefferson Capital's board. Canaccede's management team and board will remain in place, and Jefferson Capital Founder and CEO David Burton will join Canaccede's board.

Legal advice was provided to Jefferson Capital by Stikeman Elliott LLP and by Weil Gotshal & Manges LLP in connection with the deal.