First Investors Financial Services Group, Inc. Announces Completion Of Merger With Affiliate Of Aquiline Capital Partners LLC
HOUSTON, Nov. 1, 2012 /PRNewswire/ -- First Investors Financial Services Group, Inc. ("FIFS, PK") ("First Investors") announced today that its previously announced merger with an affiliate of Aquiline Capital Partners LLC, a New York-based private equity firm investing in the financial services sector, has been completed, effective as of the close of business today. The total consideration to be received by the former holders of First Investors securities will be approximately $100 million. First Investors, which is now a wholly-owned subsidiary of a company controlled by Aquiline Capital Partners, has ceased trading of its common stock on the OTC Pink Sheets as of the close of the market today.
Former shareholders of First Investors will receive instructions shortly for surrendering their stock certificates to Wells Fargo Bank, National Association, who will act as paying agent with respect to the merger. Each shareholder of First Investors is entitled to receive $13.87 per share of common stock of First Investors they hold.
Keefe, Bruyette & Woods, Inc. and Falconbridge Capital Markets LLC acted as financial advisors to First Investors, with Thompson & Knight LLP acting as legal counsel. Willkie Farr & Gallagher LLP acted as legal counsel and Macquarie Capital acted as financial advisor to Aquiline Capital Partners LLC.
ABOUT FIRST INVESTORS FINANCIAL SERVICES GROUP, INC.
The Company is a consumer finance company engaged in originating and holding for investment automobile finance receivables and promissory notes originated by franchised automobile dealers or through refinancing transactions with the vehicle owners. The Company specializes in lending to consumers with impaired credit profiles. The Company also purchases receivables through portfolio acquisitions or from third party originators and performs third-party loan servicing for unaffiliated clients. The Company is headquartered in Houston, Texas. Copies of this press release and other information about the Company, including its historical financial statements, are available on the Company's web site at www.fifsg.com.
ABOUT AQUILINE CAPITAL PARTNERS LLC
Aquiline is a private equity firm based in New York investing in financial services enterprises in industries such as property and casualty insurance, banking, securities, asset management and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational, and financial guidance.
The statements contained in this release that are not historical statements of fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may often be, but are not always, identified by the use of such words such as "intends", "anticipates", or "proposes, or by statements that certain actions, events or results "may" or "will" be taken, occur or be achieved, and may include statements about future operations and the anticipated timing for any proposed actions. Any such forward-looking statements involve a number of risks and uncertainties, and the actual results of future events could differ materially from those stated in any forward-looking statements herein. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date of this release. The Company undertakes no obligation to revise or update publicly any such forward-looking statements for any reason.
SOURCE First Investors Financial Services Group, Inc.