CURO To Buy Heights Finance For $360 Mln In Cash, Stock

(RTTNews) - CURO Group Holdings Corp. (CURO), a consumer finance company serving a wide range of underbanked customers, on Wednesday announced its decision to acquire Heights Finance for $360 million in cash and stock.

CURO acquires Heights Finance from private equity firm, Milestone Partners, by paying $335 million in cash and $25 million of Curo shares.

Heights Finance, a consumer finance company with a network of 390 branches across 11 southern and mid-western states, serves near-prime and non-prime customers.

Curo said, the transaction, which is expected to close latest by the first quarter of 2022, is immediately additive to its adjusted earnings.

For the 12 months ended September 30, 2021, Heights Finance had revenue of $235 million.

"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.," commented Don Gayhardt, Chief Executive Officer of CURO.