![]() Troutman Pepper served as legal counsel to Heights Finance in this transaction.ĬURO and Heights Finance will hold a joint conference call to discuss the transaction at 8:00 a.m. Jefferies LLC served as exclusive financial advisor and King & Spalding LLP served as legal counsel to CURO in this transaction. CURO expects to fund the acquisition through a combination of existing cash and debt. The transaction has been approved by CURO’s Board of Directors and is expected to close no later than the first quarter of 2022, subject to customary closing conditions, including licensing approvals. The acquisition is immediately accretive to CURO’s earnings. The acquisition’s aggregate purchase price of $360 million represents 6.5x Heights Finance’s 2022 estimated adjusted earnings before taxes of $55 million. CURO’s strong capital position and diversified funding sources also create the opportunity to lower our cost of debt capital.” “We consider CURO an ideal strategic partner, as its industry-leading omni-channel expertise and related technology, data science and proprietary underwriting capabilities promise to further enhance our branch delivery and servicing, augment our online capabilities and drive revenue and cost synergies. “We are proud of our track record of leveraging our flexible installment loan platform to meet the needs of the millions of hardworking Americans underserved by traditional credit providers and are thrilled to be joining forces with CURO to accelerate our growth trajectory,” said Doug Clark, Chief Executive Officer of Heights Finance. We are excited to welcome the Heights Finance team to CURO and look forward to executing together on our substantial growth opportunities.” We believe that we are well positioned to meaningfully grow our combined operations as Heights Finance offers us opportunities to expand into new geographic markets, leverage our omni-channel capabilities and cross-sell certain of our card products. The transaction brings together two complementary businesses that similarly prioritize credit, risk analytics and regulatory compliance. ![]() business and enhances our overall growth, profitability and risk profiles. “The combination diversifies the product, revenue, customer and geographic mix for our U.S. ![]() “By adding Heights Finance’s established base of customers, seasoned loan portfolio and significant branch network, we will solidify our position as a full spectrum non-prime consumer lender in the U.S.,” said Don Gayhardt, Chief Executive Officer of CURO. For the 12 months ended September 30, 2021, Heights Finance had revenue of $235 million and adjusted pre-tax income of $34 million. The acquisition is expected to accelerate CURO’s transition into longer-term, higher balance and lower rate credit products. Heights Finance primarily serves near-prime and non-prime customers through a network of 390 branches across 11 southern and mid-western states. Total consideration of $360 million is comprised of $335 million cash and $25 million of CURO common stock. and Canada, today announced that it has entered into a definitive agreement to acquire Heights Finance, a consumer finance company that provides installment loans and offers customary opt-in insurance and other financial products, from Milestone Partners, a private equity firm based in Radnor, Pennsylvania. (NYSE: CURO) (“CURO”), a tech-enabled, omni-channel consumer finance company serving non-prime and prime consumers in the U.S. Join our team and grow your career in the financial services industry while enjoying a work-life balance.WICHITA, Kan.-( BUSINESS WIRE)-CURO Group Holdings Corp. We are seeking a self-motivated individual who is energized by delivering excellent customer service and meeting sales goals. 3610 S Clark St, Mexico, MO 65265 Job OverviewĪt Heights Finance, we offer personal installment loans to our communities through our brand names - Heights Finance, Covington Credit, Quick Credit, and Southern Finance.
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