Private equity firm J.C. Flowers & Co. LLC agreed to make a majority investment in iLendingDIRECT Inc., an Englewood, Colo.-based auto refinance marketing company.
Financial terms of the transaction were not disclosed. The deal is expected to close in the first half of 2021.
ILending, through strategic partnerships with credit unions, banks and other financial institutions nationwide, offers consumers lower interest rates on auto loans and other financing solutions.
ILending CEO Nancy Fitzgerald and President and COO Tom Holgate will remain investors in the company.
After the deal closes, Fitzgerald will become a member of the board of directors and serve as a strategic consultant to iLending. Holgate will take over as acting CEO of iLending.
Weil Gotshal & Manges LLP served as legal counsel to J.C. Flowers. Locke Lord LLP served as legal counsel and Roth Capital acted as financial adviser to iLending.