Milestone Partners Acquires Southern Management Corp.
Jul 22, 2021
Milestone Partners has completed the acquisition of Southern Management Corporation, a consumer finance company. “Southern is a tremendous and well respected platform within the highly fragmented consumer installment loan industry providing essential access to loans and services to individuals underserved by traditional lenders. We are honored to partner with Southern’s management team to continue to grow the company as they serve their customers,” said Adam Curtin, Principal at Milestone. Milestone, the management team of Southern and other co-investors provided equity capital for the transaction, while Wells Fargo Bank provided a senior credit facility. Southern is a consumer finance company with 244 branch locations throughout the Southern United States. The company provides fully amortizing installment loans, related credit insurance and ancillary products to individuals with limited access to credit. As one of the largest participants in the installment loan industry, Southern has branch operations in Alabama, Georgia, Oklahoma, South Carolina, Tennessee and Texas. Southern is based in Greenville, SC ( www.southernfinance.us ). “We are pleased to partner with Milestone to complete this transaction, which positions the company on solid financial footing to execute its long-term strategic plan. We are excited to enter this new phase of Southern’s development and remain committed to serving our customer base and communities with the utmost integrity and the highest levels of professionalism,” said Roy Little, President of Southern. Milestone Partners invests in leveraged buyouts and recapitalizations of lower middle market businesses typically in the $15 million to $100 million valuation range. The firm prefers niche-market leaders that provide high-margin products or services. The firm was founded in 1995 and is located in Radnor, PA ( www.milestonepartners.com ). The law firm Pepper Hamilton advised Milestone, while Hyde Park Capital, Raymond James & Associates, and Nelson Mullins Riley & Scarborough advised Southern. Share on twitter