CIVC Partners, a Chicago-based private investment firm, joined with management and existing shareholders to acquire Honor Finance. Honor Finance also announced that a new line of credit has been secured from Wells Fargo Preferred Capital, Inc.
Honor Finance, based in Evanston, Illinois, is a specialty finance company that originates, finances and services automobile finance contracts for non-prime consumers. Jim Collins, who founded Honor Finance in 2000, will continue to lead its management team as they expand the company’s lending business nationally. For additional information about Honor Finance, visit www.honorfinance.com.
CIVC’s investment will provide additional resources for the continued expansion of the company, while preserving the superior levels of service that Honor clients have come to expect. CIVC’s investment provides growth equity capital to address the exceptional opportunities in the non-prime auto finance market.
Management is extremely excited to partner with CIVC. “We believe our relationship with CIVC and Wells Fargo will allow Honor to expand its products and services to a broader client base. There’s a tremendous need for affordable auto financing in the market today. Now we have the capital and resources to better meet the needs of our dealer network and their customers,” said Jim Collins, CEO and Founder of Honor Finance.
“Jim and his team have built an outstanding non-prime auto finance business, and we are proud to partner with Honor to expand the business nationally and continue to deliver the highest standards of customer service and integrity in the industry,” said Dan Helle, a partner at CIVC.
Colonnade Securities LLC represented Honor Finance in this transaction.