CURO Group Holdings Corp., a tech-enabled, omni-channel consumer finance company serving non-prime and prime consumers in the U.S. and Canada, announced that it has completed its previously announced acquisition of 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. Total consideration of $360 million is comprised of $335 million cash and $25 million of CURO common stock.
“The closing of this acquisition represents a key strategic milestone for CURO and we are looking forward to capitalizing on the significant growth opportunities that Heights Finance brings to our business”
“The closing of this acquisition represents a key strategic milestone for CURO and we are looking forward to capitalizing on the significant growth opportunities that Heights Finance brings to our business,” said Don Gayhardt, CEO of CURO. “The acquisition accelerates CURO’s strategic transition in the U.S. toward longer term, higher balance and lower rate credit products which provides the company with access to a larger addressable market while mitigating regulatory risk.”
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As previously announced, the transaction is anticipated to be 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 management team plans to discuss its quarterly and annual results and business outlook during its fourth quarter 2021 earnings conference call, which will be scheduled in January 2022.
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About CURO
CURO Group Holdings Corp. serves the evolving needs of the financial consumer. In 1997, the Company was founded in Riverside, California by three Wichita, Kansas childhood friends to meet the growing consumer need for short-term loans.
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