Mon, 20/05/2013 - 10:04
Funds managed by Värde Partners have completed the acquisition of FirstCity Financial Corporation.
Mark B Horrell, who previously served as senior vice president and head of US acquisitions of FirstCity, has been appointed chief executive officer of FirstCity, succeeding James T. Sartain. Sartain will retire and join Värde as a consultant.
Terry R DeWitt, senior vice president and head of global acquisitions of FirstCity, and James C Holmes, senior vice president and managing director of FirstCity, will become chief credit officer and chief operating officer, respectively, and will assist Horrell in leading the operations of FirstCity. FirstCity will retain its headquarters in Waco and will maintain its office in Dallas, Texas.
“We are excited to complete this acquisition and look forward to continuing our work with the experienced and capable team at FirstCity,” says Jason Spaeth (pictured), a managing partner of Värde. “We are confident that we will be able to capitalise on current and future market opportunities.”
“Today marks an important next step in FirstCity’s development and position in the marketplace,” says Horrell. “Under Värde’s leadership and as a privately held company, FirstCity will have enhanced financial flexibility, enabling us to focus on our strategic direction and long-term goals. On behalf of FirstCity’s management team, I would like to thank our clients, stockholders and dedicated employees for their support throughout this process.”
Värde and certain of its affiliates have a 20-year working history with FirstCity, and since 2009 have co-invested in a substantial majority of FirstCity’s US distressed asset acquisitions. In recent years, Värde and FirstCity have jointly invested over USD800m to purchase distressed assets with an unpaid principal balance in excess of USD1.5bn.
Under the terms of the merger agreement, FirstCity stockholders are entitled to receive USD10.00 per share in cash, without interest, for each share of FirstCity common stock they own immediately prior to the effective time of the merger. Letters of transmittal directing FirstCity stockholders of record to deliver their share certificates to the disbursing agent in exchange for payment of the merger consideration will be distributed within the next two weeks. Stockholders of record should be in receipt of the letter of transmittal before surrendering their share certificates. Stockholders who hold shares through a bank or broker will not have to take any action to receive the merger consideration in exchange for their shares, as such process will be handled by the bank or broker.
Mon 17/10/2016 - 09:44
Tue 11/10/2016 - 13:56
Mon 10/10/2016 - 09:17
Wed 21/09/2016 - 08:05
Fri 21/10/2016 - 10:34
Thu 20/10/2016 - 10:19
Wed 19/10/2016 - 13:56
Fri, 21/Oct/2016 - 14:40
Fri, 21/Oct/2016 - 11:15
Fri, 21/Oct/2016 - 11:07
Fri, 21/Oct/2016 - 10:43
Fri, 21/Oct/2016 - 10:28
Fri, 21/Oct/2016 - 09:32