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

WICHITA, Kan .– (BUSINESS WIRE) – CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), a technology-driven omni-channel consumer finance company serving non-prime and prime consumers in the US and Canada, today announced a definitive agreement to acquire Heights Finance, a Consumer finance firm that provides installment loans and offers standard opt-in insurance and other financial products from Milestone Partners, a private equity firm based in Radnor, Pennsylvania. The total purchase price of $ 360 million consists of $ 335 million in cash and $ 25 million in CURO common stock.

Heights Finance primarily serves near-prime and non-prime customers through a network of 390 branches in 11 southern and central states. The acquisition is intended to accelerate the transition from CURO to longer-term, higher-valued, lower-interest credit products. For the twelve months ended September 30, 2021, Heights Finance had revenues of $ 235 million and adjusted pre-tax income of $ 34 million.

“By adding Heights Finance’s established client base, seasoned loan portfolio and significant branch network, we will cement our position as the full-spectrum non-prime consumer lender in the US,” said Don Gayhardt, Chief Executive Officer of CURO. “The combination diversifies the product, revenue, customer and geographic mix for our US business and improves our overall growth, profitability and risk profile. The transaction brings together two complementary business areas that equally prioritize credit, risk analysis and regulatory compliance. We believe we are well positioned to meaningfully grow our combined activities as Heights Finance gives us opportunities to expand into new geographic markets, leverage our omni-channel capabilities and cross-sell certain of our card products. We look forward to welcoming the Heights Finance team to CURO and look forward to working together to realize our significant growth opportunities. ”

“We are proud of our track record of using our flexible personal loan platform to meet the needs of millions of hardworking Americans who are underserved by traditional loan providers, and we look forward to working with CURO to accelerate our growth path,” said Doug Clark , Chief Executive Officer of Heights Finance. “We believe CURO is an ideal strategic partner as its industry-leading omni-channel expertise and associated technology, data science and proprietary underwriting capabilities promise to further improve our in-store delivery and support, expand our online capabilities and increase sales. and increase cost synergies. CURO’s strong capital position and diversified funding sources also offer the opportunity to lower our cost of debt. ”

The total purchase price of the acquisition of $ 360 million is 6.5 times Heights Finance’s estimated adjusted profit before tax for 2022 of $ 55 million. The acquisition has an immediate positive effect on CURO’s results. The transaction has been approved by CURO’s board of directors and is expected to close in the first quarter of 2022 at the latest, subject to customary closing conditions, including license approvals. CURO expects to fund the acquisition through a combination of existing cash and debt.


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

Conference call for investors

CURO and Heights Finance will host a joint conference call today at 8:00 a.m. ET to discuss the transaction. The call includes a discussion of the transaction followed by a question-and-answer session with the management of CURO and Heights Finance. You can retrieve the call at 1-833-953-2430 (1-412-317-5759 for international callers). Please ask for the CURO Group Holdings Call. To access the live webcast, interested parties are invited to visit the Investor Relations section of the company’s website at A supplementary investor presentation with further details on Heights Finance and the acquisition can be found in the “Events & Presentations” section on CURO’s investor website at

Archive: A pre-recorded recording of this call will be available through December 1, 2021 at 8:00 a.m. ET. You can view the conference call recording 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.

Refinance of Non-Recourse Canada SPV Financing Facility

Last week, CURO signed a refinancing of its non-recourse Canadian SPV financing facility. The incumbent – Waterfall Asset Management – offered an attractive extension and expansion that reduced total cost by 200 basis points, increased total capacity, including the accordion, from CAD 250 million to CAD 450 million, and extended the term by three years to August 2026 , increased the advance rate from 80% to 90%, extended eligibility to Flexiti’s non-prime loans and added the ability to securitize from the facility.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements contain statements about projections, estimates and assumptions about the effects of the transaction on us, including our belief that the acquisition will accelerate our transition to long-term credit products with higher and lower interest rates; consolidate our position as a non-prime consumer lender in the United States; Improving our overall growth, profitability and risk profile; expand our combined activities; and lower borrowing costs; Heights’ estimated adjusted profit before tax; When the transaction was completed and sources of funding. In addition, words such as “guidance”, “estimate”, “anticipate”, “believe”, “forecast”, “step”, “plan”, “predict”, “focused”, “project”, “likely” “expect” “,” Intend, “” should, “” become, “” confident “, variations of such 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 and beyond our control, that could cause actual results to differ materially from those in the forward-looking statements, including: the inability of the parties to complete the proposed Transaction successfully or on time, including the risk that required regulatory approvals will not be obtained, will be delayed or be subject to unexpected conditions that could adversely affect the combined company or the expected benefits of the proposed transaction; Failure to realize the anticipated benefits of the proposed transaction; Risks related to the uncertainty in the forecast financial information; the impact of competition on the future business of the combined company; our ability to acquire and retain customers; Market, financial, political and legal framework conditions; the impact of a COVID-19 pandemic or other global event on the combined company’s business and the global economy; our reliance on outside lenders to provide the cash needed to fund our loans and our ability to inexpensively access third party financing; Errors in our internal forecasts; our indebtedness; our ability to integrate acquired businesses; Actions taken by regulators and the negative impact these actions have on our business; our ability to protect our proprietary technologies and analytics and to keep up with those of our competitors; Disruption to our information technology systems that adversely affects our business operations; ineffective assessment of the credit risk of our potential or existing customers; inaccurate information from customers or third parties that could lead to errors in assessing the creditworthiness of customers; improper disclosure of personal customer data; Failure of third parties to provide products, services or support to us; any failure by third party lenders on whom we rely to do business in certain states; Interruption of our relationships with banks and other third party electronic payment solution providers; and other factors discussed in our filings with the Securities and Exchange Commission. These forecasts, estimates and assumptions may prove to be incorrect in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict with regard to the timing, extent, probability and degree of occurrence. There may be additional risks that we are not currently aware of or that we currently consider to be immaterial and which could also mean that the actual results differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictions of actual future results. We do not assume any obligation to update, supplement or clarify any forward-looking statements for any reason.

About CURO

The CURO Group Holdings Corp. (NYSE: CURO) serves the evolving needs of financial consumers. The company was founded in Riverside, California in 1997 by three childhood friends from Wichita, Kansas to meet growing consumer needs for short-term credit. Their success led to the opening of stores in the United States, which were later expanded to offer online credit and financial services in the United States and Canada, and which are now available through the point-of-sale / buy-now-pay channel . CURO combines its market expertise with fully integrated technology platforms, an omni-channel approach and advanced credit decisions to offer a range of credit products across all media. CURO operates under a number of 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 non-prime customers financial freedom.

About Heights Finance

Based in Greenville, SC, with offices and offices 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 to hardworking Americans to help get the money they need quickly. The company is a proud member of the American Financial Services Association (AFSA) and currently has a Trustpilot customer rating of 4.9.

For more information, visit


Previous Markets likely to be in a narrow range; Future group, focus on aeronautical values
Next Interview: Malaika Arora on her recent brand associations and the thought process behind brand collaborations