HOUSTON, Oct. 12, 2020 /PRNewswire/ -- FIFS Holdings Corp., parent company to First Investors Financial Services Group ("First Investors", or the "Company"), today announced the acquisition of the Company by funds affiliated with Gallatin Point Capital ("Gallatin Point"). No other terms of the transaction were disclosed. The transaction will close upon receipt of regulatory approvals.
Gallatin Point, a private investment firm with a focus on investments in financial institutions, services, and assets, plans to partner with First Investors to grow and expand the Company's lending businesses as well as to accelerate its portfolio acquisition capabilities and third-party servicing segment.
Tommy Moore, Jr., President and CEO of First Investors, noted: "As a management team, we are very excited to be partnering with Gallatin Point, a firm with an outstanding reputation, valuable industry expertise, and capital resources that will enhance our ability to grow our company."
Matt Botein, Co-Founder and Managing Partner of Gallatin Point, said: "First Investors has an outstanding financial and operational track record and a distinguished reputation for how it conducts its business. We are very excited to partner with its strong management team to accelerate growth opportunities and enhance First Investors' capacity to deliver value to its customers."
Credit Suisse Securities (USA) LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP acted as legal advisor to First Investors. Wells Fargo Securities LLC served as exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to Gallatin Point.
ABOUT FIRST INVESTORS FINANCIAL SERVICES GROUP, INC.
The Company is a consumer finance company engaged in originating and holding for investment automobile finance receivables and promissory notes originated by franchised automobile dealers or through refinancing transactions with the vehicle owners. The Company specializes in lending to consumers with impaired credit profiles. The Company also purchases receivables through portfolio acquisitions or from third party originators and performs third-party loan servicing for unaffiliated clients. The Company is headquartered in Houston, Texas and has been in business for 32 years. Copies of this press release and other information about the Company are available on the Company's web site at www.fifsg.com.
ABOUT GALLATIN POINT CAPITAL LLC
Gallatin Point Capital LLC is a private investment firm with a primary focus on making investments in financial institutions, services, and assets. The firm's approach is to identify opportunities that arise from complexity, dislocation, or changes in technology and regulation. Gallatin Point aims to form highly collaborative partnerships with its investors and with management teams of its portfolio companies, seeking to combine the right capital with the right managerial competencies in order to maximize the outcome for all stakeholders. More information about Gallatin Point can be found at www.gallatinpoint.com.
The statements contained in this release that are not historical statements of fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may often be, but are not always, identified by the use of such words such as "intends", "anticipates", or "proposes, or by statements that certain actions, events or results "may" or "will" be taken, occur or be achieved, and may include statements about future operations and the anticipated timing for any proposed actions. Any such forward-looking statements involve a number of risks and uncertainties, and the actual results of future events could differ materially from those stated in any forward-looking statements herein. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date of this release. The Company undertakes no obligation to revise or update publicly any such forward-looking statements for any reason.
SOURCE FIFS Holdings Corp.