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.
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“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. Companies to host a conference call today at 8:00 a.m.
Immediately accretive to adjusted earnings Diversifies product, revenue, customer and geographic mix for U.S. near-prime and non-prime customers and expands addressable market Accelerates CURO’s transition into longer term, higher balance and lower rate credit products
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