SmartMove Auto | Collins Financial Services | Approved Cash Advance Holdings | Representative Transactions
Morgan Keegan’s Financial Services & Transaction Processing team covers specialty lenders, insurance companies and securities firms in addition to payment processing companies and other technology enablers in the financial services sector.
Case Studies
SmartMove Auto, LLC
SmartMove Auto, LLC raised a $35 million senior credit facility to finance expansion of its operations. SmartMove Auto owns and operates a chain of used automobile dealerships primarily focused toward the subprime customer through a Buy Here, Pay Here business model. SmartMove Auto provides high-quality, dependable vehicles to credit-challenged customers in a friendly and professional environment, with the ability to provide financing to such customers internally. SmartMove is headquartered in Denver, Colo. and was founded in August 2005.
Collins Financial Services, Inc.
Collins Financial Services, Inc. was acquired by Brazos Equity Partners, a Dallas-based private equity firm. In addition, Collins secured a $50 million dollar warehouse credit facility from Wells Fargo Foothill. Headquartered in Austin Texas, Collins is one of the leading purchasers, collectors and re-sellers of distressed consumer debt in the United States. The company was founded by Walt Collins in 1996 and currently has two call centers both in the greater Austin area.
In the past, Collins had bought, sold and collected charged off consumer debt portfolios on behalf of a group of private investors. As the size of these portfolios grew, Collins was capital-constrained, limiting its growth to buying only smaller portfolios of debt. The above transaction with Brazos and Foothill allowed Collins the needed liquidity to substantially grow its business model.
Approved Cash Advance Holdings, LLC
Approved Cash Advance Holdings, LLC was sold to CMSI Capital Holdings, LLC. The company provides payday cash advance services primarily to middle-income, working individuals through 174 stores located in eight states across the United States. Payday cash advances are small denominations of short-term, unsecured advances that are typically due for repayment on the customer’s next payday. Approved Cash Advance is headquartered in Cleveland, Tenn. and was founded in January 2005.
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Representative Transactions
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