CHARLOTTE, N.C., Dec. 16, 2016 /PRNewswire/ -- Deloitte Corporate Finance LLC acted as the exclusive financial advisor to EPS Financial, LLC (EPS) in connection with Drake Enterprises, Ltd.'s (Drake) sale of substantially all the assets of EPS to Meta Financial Group, Inc. (Meta). The transaction closed on Nov. 1, 2016.
Founded in 2009 and headquartered in Easton, Pennsylvania, EPS provides its clients with a full suite of refund settlement product solutions, prepaid card solutions and merchant services. EPS has grown its long-term relationships with both bank partners and tax software provider partners, meeting the needs of more than 14,000 tax preparers.
"The Deloitte Corporate Finance transaction team delivered valuable, high-touch advice at every stage of the process and we are very pleased with the results and guidance we received," said Phil Drake, founder and CEO of Drake Enterprises, Ltd.
"We want to thank the Drake team for their commitment and partnership over the years, and we look forward to our new partnership with the Meta organization," said Clark Gill, president of EPS Financial, LLC. "Deloitte Corporate Finance navigated us smoothly through the intricacies associated with this asset sale and helped us position EPS for long-term growth, while simultaneously creating value for Drake."
"This was an important transaction for both Drake and the EPS teams," said Ron Rivera, managing director and head of technology, media, and telecommunications investment banking at Deloitte Corporate Finance. "We believe that the EPS management team and employees are well-positioned to thrive as part of the Meta organization and wish them well in their new partnership."
About EPS Financial, LLC
EPS Financial, LLC, is a leading provider of comprehensive tax-related financial transaction solutions offering a one-stop-shop for all tax preparer financial transactions. These solutions include a full-suite of refund settlement products, prepaid payroll card solutions, and merchant services. To learn more, visit www.epsfinancial.net.
About Drake Enterprises, Ltd.
Drake Enterprises, Ltd. and its wholly-owned subsidiary, Drake Software, LLC, has provided tax preparers with efficient, reliable software to prepare and electronically file both federal and state tax returns for nearly 40 years. Over 50,000 tax professionals trust Drake for the tools they need to build and sustain their business. Best known for its award-winning customer service, Drake continues to develop innovative solutions for its loyal, passionate clients. Drake Software is headquartered in Franklin, North Carolina, and all of its development and customer service teams are located in the U.S.A. To learn more, www.drakesoftware.com.
About Meta Financial Group, Inc.
Meta Financial Group, Inc. ("MFG") is the holding company for MetaBank®, a federally chartered savings bank. MFG shares are traded on the NASDAQ Global Select Market® under the symbol CASH. Headquartered in Sioux Falls, S.D., MetaBank operates in both the Banking and Payments industries through: MetaBank, its traditional retail banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, EPS Financial and Specialty Consumer Services, its tax-related financial solutions divisions. For more information about Meta Financial Group, visit metafinancialgroup.com. To learn more, visit https://www.metabank.com/.
About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC provides strategic advisory services and M&A advice that help corporate, entrepreneurial, and private equity clients create and act upon opportunities for liquidity, growth and long-term advantage. With an in-depth understanding of the marketplace and access to a global network of investment bankers, we help clients confidently pursue strategic transactions in both domestic and global markets. Deloitte Corporate Finance, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals, who work collaboratively across 150 international locations. With our significant experience providing investment banking services across key industries, we are able to offer our clients solutions that help them to achieve their strategic objectives. For more information, visit www.investmentbanking.deloitte.com.
Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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