Parthenon Capital Partners, a Boston and San Francisco based private equity firm, and White River Capital, Inc. (RVR) announced the completion of the transaction in which an affiliate of Parthenon will acquire White River and its wholly-owned subsidiary Coastal Credit, L.L.C. in a merger transaction between the Parthenon affiliate and White River.
Parthenon commented that Coastal Credit is a leading sub-prime auto finance company that acquires and services auto receivables originated at franchised and independent dealerships. One of Parthenon's largest limited partners, OPTrust, will also invest in the transaction.
The company said that the proceeds from the transaction will be used to provide liquidity to White River's shareholders who held shares at the effective time of the merger.
At a Special Meeting of Shareholders held on February 11, 2013, White River's shareholders voted to approve the merger, the merger agreement for the transactions, and all transactions contemplated by the merger agreement.
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