Milestone Partners Completes Deal With Southern Management
Milestone Partners announced that on May 31, 2012, it completed the acquisition of Southern Management Corporation and certain affiliates. Milestone, the management team of Southern and other co-investors provided equity capital for the transaction, while Wells Fargo Bank provided a senior credit facility. Specifics of the transaction were not publicized.
Based in Greenville, SC, Southern is a consumer finance company with 244 branch locations throughout the Southern United States. The company provides fully amortizing installment loans, related credit insurance and ancillary products to individuals with limited access to credit. As one of the largest participants in the installment loan industry, Southern has branch operations in Alabama, Georgia, Oklahoma, South Carolina, Tennessee and Texas.
Adam Curtin, principal at Milestone, stated: “Southern is a tremendous and well respected platform within the highly fragmented consumer installment loan industry providing essential access to loans and services to individuals underserved by traditional lenders. We are honored to partner with Southern’s management team to continue to grow the Company as they serve their customers.”
Roy Little, president of Southern, added: “We are pleased to partner with Milestone to complete this transaction, which positions the Company on solid financial footing to execute its long-term strategic plan. We are excited to enter this new phase of Southern’s development and remain committed to serving our customer base and communities with the utmost integrity and the highest levels of professionalism.”
The law firm Pepper Hamilton LLP advised Milestone, while Hyde Park Capital, Raymond James & Associates, Inc. and Nelson Mullins Riley & Scarborough LLP advised Southern.
Milestone Partners is a private equity firm that partners with management to invest in leveraged buyouts and recapitalizations of lower middle market businesses.