Värde Partners, Inc. said Friday that certain funds managed by it have completed the acquisition of FirstCity Financial Corp. (FCFC).
Pursuant to the terms of the deal, which was originally announced in December, Mark Horrell, who previously served as Senior Vice President and Head of U.S. Acquisitions of FirstCity, has been appointed Chief Executive Officer of FirstCity, succeeding James Sartain, who will retire and join Värde as a consultant.
Additionally, Terry DeWitt, Senior Vice President and Head of Global Acquisitions of FirstCity, and James Holmes, Senior Vice President and Managing Director of FirstCity, will become Chief Credit Officer and Chief Operating Officer, respectively. FirstCity will retain its headquarters in Waco and will maintain its office in Dallas, Texas.
Under the deal, FirstCity shareholders are entitled to receive $10.00 per share in cash, without interest, for each share of FirstCity common stock they own immediately prior to the effective time of the merger.
Trading of FirstCity's common stock on the Nasdaq Global Select Market will be suspended following the close of markets Friday.
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