AFS Acceptance has acquired the assets of Preferred Automobile Credit Co. (“PACCO”), a specialty finance company that acquires and services auto finance contracts primarily in the below-prime credit tier, from Harbert Private Equity Fund II, Northstar Mezzanine Partners IV and management. Terms of the transaction were not disclosed.
Colonnade Securities served as the exclusive financial advisor to Harbert, Northstar and management of PACCO on this transaction.
About AFS Acceptance
AFS Acceptance of Plantation, FL, is a full-service auto finance company that has served the subprime customer financing needs of franchise and independent car dealers since 1996. www.afsacceptance.com
About Harbert Management
Harbert Management Corporation of Birmingham, AL, is an asset management firm whose private equity team is currently investing Harbert Private Equity Fund III. www.harbert.net
About Colonnade Securities
Colonnade Securities of Chicago, IL is a registered broker/dealer focused on advising companies in the financial services and business services sectors on mergers, acquisitions, divestitures and private placements. www.coladv.com