IRVING, Texas, June 28, 2021 /PRNewswire/ -- Exeter Finance LLC,
a leading indirect auto finance company, announced today that it
has entered into a definitive agreement to be acquired by an
investor group led by Warburg Pincus from funds managed by
Blackstone (NYSE:BX). Terms of the private transaction were not
disclosed.
Exeter is a rapidly
growing tech-enabled indirect auto lender, with a managed loan
portfolio of more than $7 billion.
The company underwrites, purchases, services and securitizes retail
installment contracts from more than 11,000 auto dealers and
475,000 customers nationwide. Exeter has leveraged its extensive automobile
finance industry knowledge to deliver leading-edge technology and
financial solutions to more than one million customers.
"We are thrilled to partner with the Warburg Pincus-led investor
group as we enter this next phase of growth for Exeter. We have made tremendous progress under
Blackstone's ownership establishing Exeter as an industry leader, and I'm proud of
the team's solid execution," said Jason
Grubb, Exeter's Chief
Executive Officer.
Warburg Pincus is a long-time, active investor in the auto
industry across a variety of verticals including auto lenders,
rental car providers, e-commerce distribution, and software
platforms. Notable investments in the auto value chain include:
Santander Consumer USA (SCUSA),
China Auto Rental, Au Financiers, Uxin, defi SOLUTIONS, Cango, and
Car Trade.
"Exeter Finance is a pioneer in offering innovative financial
solutions at scale across the credit spectrum. We have over a
decade-long close and successful working relationship with this
best-in-class management team and are looking forward to partnering
with them again in Exeter Finance," said Dan Zilberman, Managing Director and Head of
Special Situations, Warburg Pincus. "We are excited to partner with
Jason and the Exeter Finance team to further build on the company's
leading market position and accelerate future growth," added
Eric Friedman, Managing Director,
Warburg Pincus.
The transaction is expected to close by the end of 2021 and is
subject to customary closing conditions. Jason Grubb will remain as CEO and a meaningful
investor in the company, alongside the current Exeter management team.
Citi served as the lead
financial advisor for Exeter Finance and Blackstone, along with
Barclays, Deutsche Bank and Wells Fargo. Skadden, Arps, Slate,
Meagher & Flom LLP served as legal advisor to Exeter Finance
and Blackstone. J.P. Morgan served as financial advisor and
Wachtell, Lipton, Rosen & Katz served as legal advisor to the
acquirers.
About Exeter Finance
Exeter Finance LLC is an indirect
auto finance company headquartered in Irving, Texas. Founded in 2006, the company
underwrites, purchases, services, and securitizes retail
installment contracts from U.S. automobile dealers. Exeter works with more than 11,000 dealers and
475,000 customers nationwide providing indirect financing for both
new and used vehicles. The company has a serviced finance portfolio
of more than $7 billion. For more
information, visit www.exeterfinance.com.
About Warburg Pincus
Warburg Pincus LLC is a leading
global growth investor. The firm has more than $60 billion in private equity assets under
management. The firm's active portfolio of more than 200 companies
is highly diversified by stage, sector, and geography. Warburg
Pincus is an experienced partner to management teams seeking to
build durable companies with sustainable value. Founded in 1966,
Warburg Pincus has raised 19 private equity funds, which have
invested more than $90 billion in
over 930 companies in more than 40 countries. The firm is
headquartered in New York with
offices in Amsterdam, Beijing, Berlin, Hong
Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai, and Singapore. For more information please visit
www.warburgpincus.com.
Contacts
Exeter Finance
John Hoffmann
469-754-4443
John.Hoffmann@ExeterFinance.com
Warburg Pincus
Sarah McGrath Bloom, Warburg
Pincus
212-878-6378
sarah.bloom@warburgpincus.com
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SOURCE Exeter Finance