Investor Consortium Purchases Non-Prime Auto Finance Lender Triad Financial
HUNTINGTON BEACH, Calif. -- Triad Financial Corp. has been purchased by a consortium of investment firms. The group is led by Gerald J. Ford, president of Hunter's Glen/Ford Ltd. and former chairman and CEO of Golden State Bancorp. It also includes GTCR Golder Rauner LLC, a private equity firm, and Goldman Sachs & Co., an investment bank.
HUNTINGTON BEACH, Calif. -- Triad Financial Corp. has been purchased by a consortium of investment firms. The group is led by Gerald J. Ford, president of Hunter's Glen/Ford Ltd. and former chairman and CEO of Golden State Bancorp. It also includes GTCR Golder Rauner LLC, a private equity firm, and Goldman Sachs & Co., an investment bank.
The seller, Ford Motor Credit Co., has owned and operated Triad as a wholly-owned subsidiary since June 1999. The transaction closed on April 29.
"The new Triad owners plan to capitalize on the company's strengths and momentum in the non-prime auto financing market," said Jim Landy, who will remain CEO of the 16-year-old company. Landy, Triad's founder, will also be on the company's board of directors, invest in the company and will report to the Chairman of the Board Gerald J. Ford.
"In the last six years, we've grown from $500 million to nearly $4 billion in managed receivables and we're on pace to originate more than $2 billion in auto finance contracts this year, continuing the positive trend from last year's record earnings," Landy said.
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