Morrison Foerster advised Community Choice Financial, a consumer financial services company based in Ohio, in connection with its acquisition of CURO Group Holdings Corp.’s (NYSE: CURO) Legacy U.S. Direct Lending business, for a total cash consideration of $345 million.
Community Choice Financial is a leading retailer of financial services to unbanked and underbanked consumers through a network of retail storefronts and via the Internet. The businesses being acquired by Community Choice Financial include CURO’s legacy storefronts and online businesses in the U.S. operating under the Speedy Cash, Rapid Cash and Avio Credit brands. The transaction is expected to close within 45 days, subject to satisfaction of certain conditions.
The MoFo team advising Community Choice Financial was led by New York corporate partners John Owen and Aly El Hamamsy, together with Boston associate Leo Martin, New York associates Kaiyan Yeo and Andrew Ravits, and Washington, D.C. associate Shams Haidari; and by New York finance partner Jay Gavigan, together with New York associates Jeff Xu and Sabienne Brutus.