OneMain Holdings and Jefferies Financial Group Inc. have reached a definitive agreement under which OneMain will acquire Foursight Capital LLC from Jefferies for $115 million in cash.

Founded in 2012, Foursight is an automobile finance company that purchases and services automobile retail installment contracts primarily made to near-prime borrowers across 38 states. Contracts are sourced through an extensive network of dealers.

“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,” said Doug Shulman, Chairman and CEO of OneMain. “I look forward to welcoming Mark Miller and the Foursight team to OneMain and working together to continue to diversify and grow our suite of lending products for hardworking Americans.”

Nick Daraviras, co-president of Jefferies’ Leucadia Asset Management platform, said, “We thank Mark Miller and the Foursight team for their partnership in building this powerful business. We wish them the best as they continue their development as part of OneMain.”

As part of the transaction, OneMain will acquire Foursight’s approximately $900 million loan portfolio. Foursight’s approximately 200 employees are expected to join OneMain. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions and applicable regulatory approvals.