Transaction Will Solidify Lendmark's Position as a Leading Personal Finance Company with 321 Branches and over 330,000 Customers in 20 States.
Covington, GA: Lendmark Financial Services, LLC today announced an agreement to acquire 127 branch offices and related loan assets from Springleaf Financial. Springleaf is divesting the branches in connection with the closing of its pending acquisition of OneMain Financial.
Currently operating in 13 states in the southeast and mid-Atlantic regions, Lendmark will extend its geographic presence into Arizona, Colorado, Idaho, Ohio, Texas, Washington and California with the transaction, while also expanding its presence in a number of states where it already operates. The acquisition is expected to solidify Lendmark as a leader in the consumer finance industry and to support the company’s overall strategy of offering personal lending solutions to additional consumers and retail partners.
“Since Lendmark started in 1996, we've built the company by employing both organic and acquisition growth strategies. This acquisition will expand our customer base and allow us to broaden our commitment to providing quality lending products and personal customer service to our customers and retail partners,” said Bobby Aiken, Lendmark CEO. “Lendmark strives every day to be the lender, employer, and partner of choice.”
Aiken added that “we're particularly excited to welcome the dedicated and capable staff of these branches to the Lendmark team.”
In order to best support the new geographic footprint, Lendmark plans to create various centralized facilities and operations centers that will enable the company to effectively and efficiently serve branches, customers and merchants.
Completion of the transaction is subject to satisfaction of a number of customary closing conditions, including approval of the state licensing authorities in the states where the acquired branches are located. The parties have agreed that Lendmark's acquisition of the branches can be completed through multiple closings as the various state approvals are received. It is expected that the initial closing will occur in the spring of 2016. Barclays and Stephens acted as financial advisors to Lendmark in this transaction and fully committed financing is provided by Barclays and Goldman Sachs.
About Lendmark Financial Services
Founded in 1996 and headquartered in Covington, GA, Lendmark Financial Services offers personal loans, automobile loans, debt consolidation loans and merchant retail sales financing services. The company has 194 branches and more than 170,000 customers across 13 states. The success of our company is specifically attributable to the quality of our personnel and their commitment to our customers. For more information, contact the corporate office at 678-625-6500 or visit the company website at www.lendmarkfinancial.com.
