William Blair Advises North State Acceptance

Monday, December 23, 2013

William Blair & Company acted as the exclusive financial advisor to North State Acceptance, L.L.C. in connection with its recapitalization by Pine Tree Equity Partners. The transaction closed on November 29, 2013 and highlights William Blair’s expertise in the specialty finance sector. Terms of the transaction were not disclosed.

Transaction Highlights 

  • Fit with William Blair’s Specialty Finance Expertise: North State Acceptance was attracted to William Blair’s extensive experience within the subprime consumer finance sector as well as the firm’s strong relationships with potential capital providers focused on the specialty finance industry.
  • Execution excellence: William Blair’s team provided advice on the relative merits of various transaction structures, marketed the opportunity to a comprehensive group of potential capital providers, coordinated a due diligence process, and successfully led a competitive negotiation of key transaction terms.

About the Company

North State Acceptance is the largest independent subprime auto finance company in North Carolina and provides a full suite of auto loans and related finance products to under-banked consumers both indirectly through auto dealerships and on a direct basis. The company offers independent and franchise auto dealers a consistent and reliable source of funding for their customers and a means to service consumers who would otherwise lack the available credit to purchase a used vehicle. North State also offers auxiliary insurance and warranty products to its customers.

Pine Tree Equity Partners, based in Miami, with nearly $200 million of committed capital, is a private equity firm focused on the investment in and active expansion of small capitalization companies in partnership with management. Pine Tree invests in a variety of industries, including business, consumer and financial services; consumer products; franchisors and franchisees; and niche manufacturing.

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