Varde Partners to Acquire FirstCity Financial for $225M
December 26, 2012
Värde Partners has signed a definitive agreement to acquire FirstCity Financial for $224.9 million, or $10.00 per share. The transaction is expected to close in the first half of 2013. FirstCity is a diversified financial service company based out of Waco, TX. Beginning operations in 1986, the company focuses on acquiring, servicing and managing a wide variety of financial assets, including performing and non-performing commercial and consumer loans in markets around the globe. Värde has worked with FirstCity since 1993 and has co-invested in a majority of its U.S. distressed asset acquisitions since 2009. The PE firm focuses on credit, distressed and special situation investments in a wide range of assets, including corporate securities, consumer loans, structured securities, real estate, and capital equipment. It will not be obtaining debt financing for this transaction.