WICHITA, Kan., December 28, 2021–(BUSINESS WIRE)–CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), a tech-enabled, omni-channel shopper finance firm serving non-prime and prime shoppers within the U.S. and Canada, immediately introduced that it has accomplished its beforehand introduced acquisition of Heights Finance, a shopper finance firm that gives installment loans and gives customary opt-in insurance coverage and different monetary merchandise, from Milestone Companions, a non-public fairness agency. Complete consideration of $360 million is comprised of $335 million money and $25 million of CURO widespread inventory.
“The closing of this acquisition represents a key strategic milestone for CURO and we’re trying ahead to capitalizing on the numerous development alternatives that Heights Finance brings to our enterprise,” mentioned Don Gayhardt, CEO of CURO. “The acquisition accelerates CURO’s strategic transition within the U.S. towards long run, larger stability and decrease fee credit score merchandise which offers the corporate with entry to a bigger addressable market whereas mitigating regulatory danger.”
As beforehand introduced, the transaction is anticipated to be instantly accretive to CURO’s earnings. The acquisition’s mixture buy value of $360 million represents 6.5x Heights Finance’s 2022 estimated adjusted earnings earlier than taxes of $55 million.
CURO’s administration group plans to debate its quarterly and annual outcomes and enterprise outlook throughout its fourth quarter 2021 earnings convention name, which will likely be scheduled in January 2022.
About CURO
CURO Group Holdings Corp. (NYSE: CURO) serves the evolving wants of the monetary shopper. In 1997, the Firm was based in Riverside, California by three Wichita, Kansas childhood buddies to satisfy the rising shopper want for short-term loans. Their success led to opening shops throughout the US, later increasing to supply on-line loans and monetary providers in the US and Canada and now broadening right into a full-spectrum shopper lender by means of the point-of-sale / buy-now-pay-later channel. CURO combines its market experience with absolutely built-in expertise platforms, an omni-channel method and superior credit score decisioning to supply an array of credit score merchandise throughout all mediums. CURO operates underneath a variety of manufacturers together with Speedy Money®, Fast Money®, Money Cash®, LendDirect®, Flexiti®, Avío Credit score®, Decide+® and Revolve Finance®. With over 20 years of working expertise, CURO offers monetary freedom to non-prime shoppers.
About Heights Finance
Based mostly in Greenville, S.C., with workplaces and department areas within the states of Alabama, Georgia, Texas, Oklahoma, South Carolina, Wisconsin, Illinois, Missouri, Indiana, Kentucky and Tennessee, Heights Finance gives short- and long-term private loans designed to assist hardworking Individuals get the cash they want shortly. The corporate is a proud member of the American Monetary Providers Affiliation (AFSA) and at the moment has a 4.9 Trustpilot buyer score.
Ahead-Trying Statements
This press launch comprises forward-looking statements. These forward-looking statements embrace statements relating to projections, estimates and assumptions concerning the influence of the transaction on us, together with our perception that the acquisition will enable us to capitalize on development alternatives, speed up our transition into long run, larger stability and decrease fee credit score merchandise, present entry to a bigger addressable market whereas mitigating regulatory danger and instantly be accretive to our earnings. As well as, phrases resembling “steerage,” “estimate,” “anticipate,” “imagine,” “forecast,” “step,” “plan,” “predict,” “targeted,” “challenge,” “is probably going,” “count on,” “intend,” “ought to,” “will,” “assured,” variations of such phrases and comparable expressions are supposed to establish forward-looking statements. The power to realize these forward-looking statements is predicated on sure assumptions, judgments and different elements, each inside and out of doors of our management, that might trigger precise outcomes to vary materially from these within the forward-looking statements, together with failure to comprehend the anticipated advantages of the acquisition; dangers referring to the uncertainty of projected monetary data; the results of competitors on the mixed firm’s future enterprise; our means to draw and retain prospects; market, monetary, political and authorized situations; the influence of COVID-19 pandemic or some other world occasion on the mixed firm’s enterprise and the worldwide economic system; our dependence on third-party lenders to supply the money we have to fund our loans and our means to affordably entry third-party financing; errors in our inner forecasts; our stage of indebtedness; our means to combine acquired companies; actions of regulators and the adverse influence of these actions on our enterprise; our means to guard our proprietary expertise and analytics and sustain with that of our rivals; disruption of our data expertise programs that adversely have an effect on our enterprise operations; ineffective pricing of the credit score danger of our potential or present prospects; inaccurate data equipped by prospects or third events that might result in errors in judging prospects’ {qualifications} to obtain loans; improper disclosure of buyer private knowledge; failure of third events who present merchandise, providers or assist to us; any failure of third-party lenders upon whom we rely to conduct enterprise in sure states; disruption to {our relationships} with banks and different third-party digital fee options suppliers in addition to different elements mentioned in our filings with the Securities and Alternate Fee. These projections, estimates and assumptions could show to be inaccurate sooner or later. These forward-looking statements should not ensures of future efficiency and contain identified and unknown dangers and uncertainties which might be tough to foretell with regard to timing, extent, chance and diploma of prevalence. There could also be further dangers that we presently have no idea or that we at the moment imagine are immaterial that might additionally trigger precise outcomes to vary from these contained within the forward-looking statements. Given these dangers and uncertainties, traders mustn’t place undue reliance on forward-looking statements as a prediction of precise future outcomes. We undertake no obligation to replace, amend or make clear any forward-looking assertion for any motive.
(CURO-NWS)
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Contacts
Investor Relations:
Roger Dean
Govt Vice President and Chief Monetary Officer
Telephone: 844-200-0342
E-mail: IR@curo.com
Or
Monetary Profiles, Inc.
Curo@finprofiles.com
