Elevate Credit Inc., a Fort Worth-based tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, has been acquired in a deal valued at $67 million by Dallas-based Park Cities Asset Management LLC, an alternative asset manager focused on providing flexible capital solutions.
Jason Harvison of Elevate Credit, Inc.
“Elevate is pleased to join Park Cities as we embark on an exciting new chapter, one that will allow us to better serve our customers and drive innovation within our business,” Elevate CEO Jason Harvison said in a statement. “I want to express my gratitude to our employees, partners, and shareholders for their support throughout this process. We look forward to the bright future ahead as we focus on continuing to offer dynamic credit solutions that can provide immediate relief to non-prime consumers.”
With the transaction’s completion, Elevate shares have ceased trading and once the delisting application becomes effective with the SEC, will no longer be listed on the New York Stock Exchange.
The company, however, will continue to operate under the Elevate name and brand.
“We are thrilled to add Elevate to our portfolio as we see a promising growth opportunity for the company over the long term,” Alex Dunev, managing partner of Park Cities, said in a statement. “We look forward to working with the Elevate leadership team to leverage our combined knowledge of the consumer lending space and execute on a shared vision to make Elevate the market leader for credit-constrained Americans.”
Morgan Stanley & Co. LLC was financial adviser to Elevate, and Morrison & Foerster LLP acted as legal counsel. Haynes and Boone LLP, Wick Phillips Gould & Martin LLP, and Husch Blackwell LLP acted as legal counsel for Park Cities.
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