Consumer Portfolio Services, Inc. to Acquire TFC Enterprises
Consumer Portfolio Services Inc. announced it has signed an agreement to acquire TFC Enterprises, Inc. and its subsidiaries in a cash merger. CPS has agreed to pay $1.87 per share for each of the approximately 11.6 million outstanding shares of TFC Enterprises stock.
The boards of both companies have approved the agreement. The transaction is subject to approval by the stockholders of TFC Enterprises and other conditions, and is expected to be completed in May 2003.
TFC holds approximately $160 million of automotive receivables. It has recently been purchasing such receivables at the rate of approximately $7 million per month.
CPS stated that it does not expect to borrow money to fund the acquisition, paying the purchase price with a combination of cash on hand and cash from operations.
"We are pleased with this acquisition. TFC's collection and origination platforms should be a strong and complementary fit with our existing business," said Charles E. Bradley, Jr., president and CEO of Consumer Portfolio Services. "We look forward to working with the experienced management team of TFC."
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services purchases, sells and services retail installment sales contracts originated predominantly by franchised dealers for new and late model used cars. Through dealers under contract across the United States, the company finances automobile purchases by consumers with subprime credit.
About TFC Enterprises, Inc.
TFC Enterprises, Inc. conducts its operations primarily through THE Finance Company, a wholly-owned subsidiary, which specializes in financing purchases of automobiles by consumers with sub-prime credit. Based in Norfolk, Virginia, TFC Enterprises, Inc. has contract production offices of THE Finance Company throughout the United States.
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