Adobe Credit
Elevate Credit, Inc. a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, on Tuesday announced the completion of its acquisition by Park Cities Asset Management LLC, an alternative asset manager focused on providing flexible capital solutions.
Park Cities acquired Elevate for $1.87 per share in an all-cash transaction at an implied value of $67 million.
“Elevate is pleased to join Park Cities as we embark on an exciting new chapter, one that will allow us to better serve our customers and drive innovation within our business,” said Elevate CEO Jason Harvison said in a statement. “I want to express my gratitude to our employees, partners, and shareholders for their support throughout this process. We look forward to the bright future ahead as we focus on continuing to offer dynamic credit solutions that can provide immediate relief to non-prime consumers.”
“We are thrilled to add Elevate to our portfolio as we see a promising growth opportunity for the company over the long term,” said Alex Dunev, managing partner of Park Cities. “We look forward to working with the Elevate leadership team to leverage our combined knowledge of the consumer lending space and execute on a shared vision to make Elevate the market leader for credit-constrained Americans.”
With the completion of the transaction, Elevate shares have ceased trading and once the delisting application becomes effective with the SEC, will no longer be listed on the New York Stock Exchange. The company will continue to operate under the Elevate name and brand.
Morgan Stanley & Co. LLC served as financial advisor to Elevate, and Morrison & Foerster LLP acted as legal counsel. Haynes and Boone LLP, Wick Phillips Gould & Martin LLP, and Husch Blackwell LLP acted as legal counsel for Park Cities.