Lightyear Capital and Ontario Teachers' acquires Lendmark Financial Services
On June 27, 2019, investment funds affiliated with Lightyear Capital LLC ("Lightyear") and the Ontario Teachers' Pension Plan Board ("Ontario Teachers") announced that they had agreed to acquire Lendmark Financial Services, LLC ("Lendmark") from private equity funds managed by The Blackstone Group L.P. ("Blackstone"). Financial terms were not disclosed.
The transaction closed on September 3, 2019. The senior management team of Lendmark remains in leadership positions and remain shareholders as part of this transaction.
Further information can be found on Business Wire's website.
Lendmark is a leading community-oriented consumer finance platform with 320 branches across 19 states, providing both direct consumer installment loans (unsecured, personal secured and direct auto) and sales finance (retail) products to borrowers.
Lightyear is a financial services-focused private equity firm based in New York.
Ontario Teachers' is the administrator of Canada's largest single-profession pension plan, with C$207.4 billion in net assets (all figures at December 31, 2019). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house.
Blackstone is one of the world's leading investment firms, with US$512 billion in assets under management. Their businesses include investment vehicles focused on private equity, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.