M&A Deal Summary

AFS Acceptance Acquires Preferred Automobile Credit

On August 1, 2013, AFS Acceptance acquired financial services company Preferred Automobile Credit from Harbert Private Capital and Northstar Capital

Acquisition Highlights
  • This is AFS Acceptance’s 1st transaction in the Financial Services sector.
  • This is AFS Acceptance’s 1st transaction in the United States.
  • This is AFS Acceptance’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2013-08-01
Target Preferred Automobile Credit
Sector Financial Services
Buyer(s) AFS Acceptance
Sellers(s) Harbert Private Capital
Northstar Capital
Deal Type Add-on Acquisition

Target

Preferred Automobile Credit

Orwisburg, Pennsylvania, United States
Preferred Automobile Credit Co. is a specialty finance company that acquires and services auto finance contracts primarily in the below-prime credit tier.

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Buyer(S) 1

Buyer

AFS Acceptance

Fort Lauderdale, Florida, United States
Category Company
Founded 1996
Sector Financial Services
DESCRIPTION

AFS Acceptance, LLC is a full-service auto finance company that has served the subprime customer financing needs of franchise and independent car dealers.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1

Seller(S) 2

SELLER

Harbert Private Capital

Birmingham, Alabama, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 4.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harbert Private Equity and Mezzanine is a private equity arm of Harbert Management Corp. The Private Equity group targets leveraged buyouts, recapitalizations, expansion capital investments, and distressed situations. The firm targets opportunities across a range of industries and typical transactions have enterprise values between A$10 and A$100 million. The Mezzanine Capital group seeks subordinated debt investments and can commit $3 to $15 million per transaction. . Harbert Management Corporation was formed in 1985 and has offices in Birmingham, Alabama; New York, New York; Nashville, Tennessee; Richmond, Virginia; London; Madrid; Paris; and Melbourne.

DEAL STATS #
Overall 18 of 43
Sector (Financial Services) 2 of 2
Type (Add-on Acquisition) 13 of 26
State (Pennsylvania) 2 of 3
Country (United States) 17 of 42
Year (2013) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-30 Health Management Associates

Lansing,, Michigan, United States

Health Management Associates is an independent, national research and consulting firm with 15 offices nationwide. Company with more than 130 consultants strong and still growing. Company hire the best-of-the-best to keep doing what they do best – publicly financed health care.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-06 Travis Body & Trailer

Houston, Texas, United States

Travis Body & Trailer, Inc. is a manufacturer of all-aluminum dump trailers, including end dump, bottom dump and transfer trailers, as well as several specialty application trailers. Travis serves customers in a variety of end markets, such as rendering, municipal solid waste, agriculture, recycling, energy, aggregates, underground utilities and construction.

Sell -
SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 24 of 80
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 7 of 27
State (Pennsylvania) 2 of 6
Country (United States) 23 of 76
Year (2013) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-18 JL Darling

Tacoma, Washington, United States

JL Darling LLC designs and manufactures all-weather writing products sold through various end markets within the outdoor products space.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-08 Rollease Acmeda

Stamford, Connecticut, United States

Rollease Acmeda is a designer, manufacturer, and value-added distributor of components and fabrics for custom window coverings. The company is the market leader in clutch-based operating systems for roller shades and is at the forefront of the industry for innovation in motorization and child safety. Rollease Acmeda was established in 1980 and is based in Stamford, Connecticut.

Buy -
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