Park Cities Asset Management Acquires Elevate Credit Inc. for $67M » Dallas Innovates

Elevate Credit Inc., a Fort Worth-based technology-enabled provider of innovative and responsible online credit solutions for non-prime consumers, has been acquired in a deal valued at $67 million by Dallas-based Park Cities Asset Management LLC, an alternative asset manager focused on offering flexible capital solutions.

Jason Harvison of Elevate Credit, Inc.

“Elevate is excited to join the Park Cities as we embark on an exciting new chapter, one that will allow us to better serve our customers and drive innovation in our business,” Elevate CEO Jason Harvison said in a statement. “I want to express my gratitude to our employees, partners and shareholders for their support throughout this process. We look forward to the bright future ahead as we focus on continuing to provide dynamic credit solutions that can provide immediate relief to non-prime consumers.”

After the transaction is completed, Elevate shares will cease to trade and when the delisting application becomes effective with the SEC, it will no longer be listed on the New York Stock Exchange.

However, the company will continue to operate under the Elevate name and brand.

“We are excited to add Elevate to our portfolio as we see a promising long-term growth opportunity for the company,” Park Cities managing partner Alex Dunev said in a statement. “We look forward to working with the Elevate leadership team to leverage our combined knowledge of the consumer lending space and execute on a shared vision to make Elevate the market leader for credit-constrained Americans.”

Morgan Stanley & Co. LLC was financial advisor to Elevate, and Morrison & Foerster LLP served as legal counsel. Haynes and Boone LLP, Wick Phillips Gould & Martin LLP, and Husch Blackwell LLP served as legal advisors to Park Cities.

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