OneMain closes on acquisition of Utah company
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Evansville-based OneMain Financial has completed its $115 million acquisition of Foursight Capital LLC, the company announced this month. Foursight is an automobile finance company headquartered in Salt Lake City, Utah.
The acquisition was first announced in November. Foursight purchases and services automobile retail installment contracts primarily made to near-prime borrowers across 38 states.
As part of the deal, OneMain said it has taken on Foursight’s $900 million loan portfolio, and the company’s approximately 200 employees will join the OneMain team.
“Foursight is an attractive tuck-in acquisition giving us a seasoned team, scalable technology, tested credit models, a franchise dealer network and a high-quality loan portfolio to support our disciplined expansion into the auto lending business,” OneMain CEO Doug Shulman said in November.
OneMain acquired Foursight from its previous owner, New York-based investment banking firm Jefferies Financial Group Inc.