Fourshore Partners, a Miami-based private equity firm, has acquired for an undisclosed sum North State Acceptance, a Raleigh, N.C.-based auto lender, Fourshore announced yesterday.
North State Acceptance is a subprime auto lender specializing in indirect and direct-to-consumer auto loans, according to its website. The company provides financing to consumers with “emerging credit” through its network independent auto dealers and 12 branch dealerships in Delaware, North Carolina, South Carolina, Tennessee and Delaware.
The subprime lender, which was founded in 1997 and is privately held, also finances private purchases of vehicles up to $15,000 on lien-free titles but does not finance salvage titles, according to the company’s website.
Fourshore Partners is a private equity firm focused on lower- and middle-market buyouts in the U.S. and Caribbean, according to the release. It targets companies generating between $2 million and $15 million in earnings before interest and taxes, with enterprise values between $10 million and $75 million.
In addition, Fourshore has a real estate lending arm, which provides financing to “developers for land acquisition prior to permitting and construction,” according to the company’s website. Loans are provided for residential, commercial, industrial and agricultural properties, and range from $1 million to $50 million, with a loan-to-value ratio of up to 50%.
Milos Milosevic, vice president of Fourshore Partners, said the company could not speak further on the details of the acquisition due to terms of the purchase agreement.
