CURO To Sell Legacy U.S. Direct Lending Business; To Acquire First Heritage Credit

(RTTNews) - CURO Group Holdings Corp. (CURO) has entered into a definitive agreement to sell its Legacy U.S. Direct Lending business to Community Choice Financial for $345 million. The legacy storefronts and online businesses in the U.S. operate under the Speedy Cash, Rapid Cash and Avio Credit brands.

The company also has entered into a definitive agreement to acquire First Heritage Credit, a consumer lender that provides near-prime installment loans along with customary opt-in insurance and other financial products, based in Ridgeland, Mississippi. The purchase price is $140 million.

"Together, these transactions completely transform our U.S. direct lending business to a near-prime installment lender offering larger loans," said Don Gayhardt, CEO of CURO.