Prospect Funds $25.2M Recap of Nationwide Acceptance
February 08, 2013
Prospect Capital has funded a recapitalization of Nationwide Acceptance with $25.2 million of combined debt and equity financing. Founded in 1954 and based in Chicago, Nationwide is a specialty finance business that operates in 22 states, primarily as an indirect lender in the consumer auto loan business. It purchases loans originated by the more than 800 active used car dealers it covers. The recapitalization positions Prospect as the controlling shareholder of the company. Wells Fargo provided a $75 million revolving credit facility; Milestone Advisors served as Nationwide's exclusive financial advisor in the transaction.