CURO to acquire Heights Finance, a leading consumer finance company, for $ 360 million



WICHITA, Kan .– (COMMERCIAL THREAD) – CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), a technology-based omnichannel consumer finance company serving unprivileged and privileged consumers in the United States and Canada, today announced that it has entered into a definitive agreement to acquire Heights Finance, a consumer finance company that offers installment loans and offers customary opt-in insurance and other financial products, from Milestone Partners, a private equity firm based in Radnor, Pennsylvania. Total consideration of $ 360 million includes $ 335 million in cash and $ 25 million of CURO common stock.

Heights Finance primarily serves close and non-privileged clients through a network of 390 branches in 11 southern and midwestern states. The acquisition is expected to accelerate CURO’s transition to longer term, higher balance and lower rate credit products. For the 12 months ended September 30, 2021, Heights Finance reported revenue of $ 235 million and adjusted profit before tax of $ 34 million.

“By adding Heights Finance’s established customer base, seasoned loan portfolio and strong branch network, we will solidify our position as an unprivileged consumer lender in the United States,” said Don Gayhardt, President and CEO by CURO. “The combination diversifies the product, revenues, customer base and geographic makeup of our US business and improves our overall growth, profitability and risk profiles. The transaction brings together two complementary activities that also prioritize credit, risk analysis and regulatory compliance. We believe we are well positioned to significantly expand our combined operations as Heights Finance provides us with opportunities to expand into new geographic markets, leverage our omnichannel capabilities, and sell some of our card products. We are delighted to welcome the Heights Finance team to CURO and look forward to implementing our important growth opportunities together. ”

“We are proud of our experience in using our flexible installment loan platform to meet the needs of millions of hard-working Americans underserved by traditional credit providers and we are delighted to partner with CURO to accelerate our growth trajectory, ”said Doug Clark, President and CEO of Heights Finance. “We see CURO as an ideal strategic partner, as its cutting-edge omnichannel expertise and proprietary technology, data science and underwriting capabilities promise to further improve the delivery and service of our branches, increase our online capabilities and generate revenue and cost synergies. CURO’s strong capital position and diversified funding sources also create the opportunity to reduce the cost of our debt capital.

The acquisition’s aggregate purchase price of $ 360 million represents 6.5 times Heights Finance’s estimated 2022 adjusted pre-tax profit of $ 55 million. The acquisition is immediately accretive to CURO’s profits. The transaction has been approved by CURO’s board of directors and is expected to close no later than the first quarter of 2022, subject to customary closing conditions, including license approvals. CURO plans to finance the acquisition with a combination of cash and existing debt.


Jefferies LLC served as exclusive financial advisor and King & Spalding LLP acted as legal advisor to CURO in this transaction. Troutman Pepper acted as legal counsel to Heights Finance in this transaction.

Investor conference call

CURO and Heights Finance will hold a joint conference call to discuss the transaction at 8:00 am ET today. The call will include a discussion of the transaction followed by a question and answer session with the management of CURO and Heights Finance. You can access the call at 1-833-953-2430 (1-412-317-5759 for international callers). Please ask to join the call for CURO Group Holdings. To access the live webcast, interested parties are encouraged to visit the Investor Relations section of the Company’s website at An additional investor presentation providing more details about Heights Finance and the acquisition is available in the “Events and Presentations” section of CURO’s Investor website at

Archive: A recorded replay of this call will be available until December 1, 2021 at 8:00 a.m. ET. You can access the replay of the conference call at 1-877-344-7529 (1-412-317-0088 for international callers). The replay access code is 10162144. An archived version of the webcast will be available on the CURO Investors website for one year.

Refinancing of the Canada Non-Recourse Finance Facility SPV

Last week, CURO signed a refinancing of its Canada SPV non-recourse financing facility. The incumbent – Waterfall Asset Management – offered an attractive renewal and extension that reduced the all-in cost by 200 basis points, increased total capacity, including the accordion, from C $ 250 million to C $ 450 million of Canadian dollars, extended the three-year maturity until August 2026, increased the advance rate from 80% to 90%, expanded eligibility to include Flexiti’s non-senior loans, and added the ability to securitize to from the easy.

Forward-looking statements

This press release contains forward-looking statements. These forward-looking statements include statements regarding projections, estimates and assumptions regarding the impact of the transaction on us, including our belief that the acquisition will accelerate our transition to longer-term, higher-balance credit products and at a lower rate; consolidate our position as a broad spectrum consumer lender in the United States; improve our overall growth, profitability and risk profiles; develop our combined operations; and lower cost loan capital; Heights estimated adjusted pre-tax profit; the timing of the transaction closing and the sources of funding. In addition, words such as “direction”, “estimate”, “anticipate”, “believe”, “anticipate”, “step”, “plan”, “predict”, “focused”, “project”, “is likely , “” Expect “,” intend “,” should “,” will “,” confident “, variations of these words and similar expressions are intended to identify forward-looking statements. The ability to make these forward-looking statements is based on certain assumptions, judgments and other factors, both within our control and beyond our control, which could cause actual results to differ materially from those of forward-looking statements, including: ” inability of the parties to successfully or on time complete the proposed transaction, including the risk that the required regulatory approvals will not be obtained, be delayed or be subject to unforeseen conditions that could adversely affect the combined company or the benefits expectations of the proposed transaction; failure to realize the expected benefits of the proposed transaction; risks related to the uncertainty of forecast financial information; the effects of competition on the future operations of the combined company; our ability to attract and retain customers; market, financial, political and legal conditions; the impact of the COVID-19 pandemic or any other global event on the operations of the combined society and the global economy; our reliance on third-party lenders to provide the liquidity we need to fund our loans and our ability to access third-party financing at an affordable price; errors in our internal forecasts; our level of debt; our ability to integrate acquired businesses; the actions of regulators and the negative impact of these actions on our activities; our ability to protect our proprietary technology and analytics and to track those of our competitors; a disruption to our computer systems that adversely affects our business operations; inefficient pricing of the credit risk of our potential or existing customers; inaccurate information provided by clients or third parties which could lead to errors in the assessment of clients’ qualifications to receive loans; inappropriate disclosure of customer personal data; the failure of third parties who provide us with products, services or support; any default by third party lenders on whom we rely to do business in certain states; the disruption of our relationships with banks and other third party electronic payment solution providers as well as other factors discussed in our filings with the Securities and Exchange Commission. These projections, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which are difficult to predict as to the timing, extent, likelihood and degree of occurrence. There may be additional risks that are not currently known to us or that we currently believe to be insignificant and which could also cause actual results to differ from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual future results. We assume no obligation to update, modify or clarify any forward-looking statement for any reason.

About CURO

CURO Group Holdings Corp. (NYSE: CURO) responds to the changing needs of the financial consumer. In 1997, the company was founded in Riverside, Calif., By three childhood friends from Wichita, Kansas, to meet growing consumer needs for short-term loans. Their success led to stores opening across the United States, later expanding to offer online loans and financial services in the United States and Canada and now expanding into a consumer lender. broad-spectrum via point of sale / buy now-pay. channel later. CURO combines its market expertise with fully integrated technology platforms, an omnichannel approach and advanced credit decisions to deliver a range of credit products across all media. CURO operates under several brands, including Speedy Cash®, Rapid Cash®, Cash Money®, LendDirect®, Flexiti®, Avío Credit®, Opt + ® and Revolve Finance®. With over 20 years of operating experience, CURO offers financial freedom to unprivileged consumers.

About Heights Finance

Headquartered in Greenville, South Carolina, with offices and branches in the states of Alabama, Georgia, Texas, Oklahoma, South Carolina, Wisconsin, Illinois, Missouri , Indiana, Kentucky and Tennessee, Heights Finance offers short and long-term personal loans designed to help hardworking Americans get the cash they need fast. The company is proud to be a member of the American Financial Services Association (AFSA) and currently has a Trustpilot Customer Rating of 4.9.

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