Milestone Partners sells Heights Finance
RADNOR, Pa., January 13, 2022 /PRNewswire/ — Milestone Partners (“Milestone”) is pleased to announce the sale of Heights Finance (“Heights” or the “Company”) to CURO Group Holdings Corp. (NYSE: CURO), the December 27, 2021 for a total equity consideration of $360 million.
Based at Greenville, South Carolina, Heights provides installment loans and related insurance products primarily to underbanked consumers with limited access to credit from banks and other financial institutions. Founded in 1953, the company has more than 1,300 employees and 400 branches in eleven states spanning the South and Midwest United States.
Milestone originally invested in Heights, f/k/a Southern Management Corporation (“SMC”), in June 2012. The company was renamed in the second quarter of 2021 following the acquisition of Heights by SMC in december 2019. During Milestone’s ownership period, the company has implemented numerous growth initiatives, including the transformative add-on acquisition and subsequent rebranding to Heights, substantial branch technology upgrades and construction of a proprietary data warehouse, further enhancing its underwriting capabilities. During Milestone’s ownership, Heights diversified its product line, doubled its footprint and tripled its profits.
Heights (www.heightsfinance.com) is a leading provider of consumer installment loans through more than 400 branches in the South and Midwest United States. The Company also provides credit insurance linked to installment loans and ancillary products to customers who do not have access to traditional banking and insurance products. Heights operates in eleven states – Alabama, Georgia, Illinois, Indiana, Kentucky, Missouri, Oklahoma, Caroline from the south, Tennessee, Texas and Wisconsin.
Stage partners (www.milestonepartners.com) is a private equity firm that partners with management to invest in leveraged buyouts and recapitalizations of middle market companies. Based in the suburbs philadelphia cream, Milestone Partners has completed more than 100 acquisitions, additions and sales transactions since 1995, while managing nearly $1 billion committed equity.
Within financial services, Milestone invests in niche, high-margin companies in insurance, specialty finance, fintech and asset management. Transaction targets typically have income of $ 20–$ 500 million and EBITDA / profit before tax of $ 10–$ 100 million.
SOURCE Stage Partners