Warburg Pincus Acquires Exeter Finance

By Staff Writer July 06, 2021

Exeter Finance LLC, an indirect auto finance company, has entered into an agreement to be acquired by an investor group led by Warburg Pincus from funds managed by Blackstone. Terms of the private transaction were not disclosed.

Exeter is a rapidly growing tech-enabled indirect auto lender, with a managed loan portfolio of more than $7 billion. The company underwrites, purchases, services and securitizes retail installment contracts from more than 11,000 auto dealers and 475,000 customers nationwide. Exeter has leveraged its extensive automobile finance industry knowledge to deliver leading-edge technology and financial solutions to more than one million customers.

“We are thrilled to partner with the Warburg Pincus-led investor group as we enter this next phase of growth for Exeter. We have made tremendous progress under Blackstone’s ownership establishing Exeter as an industry leader, and I’m proud of the team’s solid execution,” said Jason Grubb, Exeter’s chief executive officer.

Warburg Pincus is a longtime, active investor in the auto industry across a variety of verticals including auto lenders, rental car providers, e-commerce distribution, and software platforms. Notable investments in the auto value chain include Santander Consumer USA (SCUSA), China Auto Rental, Au Financiers, Uxin, defi SOLUTIONS, Cango, and Car Trade.

The transaction is expected to close by the end of 2021 and is subject to customary closing conditions. Jason Grubb will remain as CEO and a meaningful investor in the company, alongside the current Exeter management team.

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Last modified on Tuesday, 06 July 2021 14:26