CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), a technology-focused omnichannel consumer finance company serving non-preferred and mainstream consumers in the United States and Canada, today announced that it has entered into a definitive agreement to sell its Legacy US Direct Lending business to Community Choice Financial, a Dublin, Ohio-based consumer financial services company, for total cash consideration of $345 million, of which $35 million will be payable over 12 months under a transition services agreement. CURO has also entered into a definitive agreement to acquire First Heritage Credit, a consumer lender that provides prime installment loans as well as customary opt-in insurance and other financial products, based in Ridgeland, Mississippi. The total purchase price is $140 million in cash.

“At the end of 2021, we acquired Heights Finance, one of the leading prime installment lenders, signifying our entry into this broader consumer lending market in the United States,” said Don Gayhardt, Managing Director of CURO. “Continuing this strategic shift, today we are announcing that we are selling our former US storefronts and online businesses, which operate under the Speedy Cash, Rapid Cash and Avio Credit brands, and are buying a near-premium installment based lender, First Heritage Credit. Together, these transactions completely transform our direct lending business in the U.S. into a premier installment lender offering larger loans. These three transactions have strategically overhauled our lending business direct to the United States in less than a year.

The transactions have been approved by the board of directors of CURO and the board of directors of Community Choice Financial and First Heritage Credit, respectively. Both transactions are expected to close within the next 45 days, subject to customary closing conditions, including regulatory approvals.


Jefferies LLC acted as financial advisor and King & Spalding LLP acted as legal advisor to CURO in these transactions. Stephens Inc. served as financial advisor and Morrison Foerster served as legal advisor to Community Choice Financial. Stephens Inc. served as financial advisor and Butler Snow served as legal advisor to First Heritage Credit.

Investor conference call

CURO will hold a conference call to discuss the transactions at 8:00 a.m. ET today. The call will include a discussion of the transactions followed by a question and answer session with CURO management. You can access the call at 1-833-953-2430 (1-412-317-5759 for international callers). Please ask to join the CURO Group Holdings call. To access the live webcast, interested parties are invited to visit the investor relations section of the Company’s website at A supplemental Investor Presentation providing further details of the transactions is available in the “Events and Presentations” section of CURO’s Investors website at

Archive: A recorded replay of this call will be available until May 26, 2022 at 8:00 a.m. ET. You can access the replay of the conference call at 1-877-344-7529 (1-412-317-0088 for international callers). The access code for the replay is 9717778. An archived version of the webcast will be available on the CURO Investors website for one year.

Forward-looking statements

This press release contains forward-looking statements. These forward-looking statements include statements regarding projections, estimates and assumptions regarding the impact of the transactions on us, including our belief that the transactions will transform our U.S. direct lending business into a premier installment lender offering larger loans; and the time of closing transactions. Also, words such as “guidance”, “estimate”, “anticipate”, “believe”, “anticipate”, “step”, “plan”, “predict”, “target”, “project”, “is likely , “expect”, “intend”, “should”, “will”, “confident”, variations of these words and similar expressions are intended to identify forward-looking statements. The ability to make these forward-looking statements is based on certain assumptions, judgments and other factors, both within our control and beyond our control, that could cause actual results to differ materially from those contained in the forward-looking statements, including the parties’ inability to successfully or timely complete the proposed transactions due to, among other risks, the risk that potential financing for the transactions will not be obtained and the risk that required regulatory approvals will not be obtained , be delayed or be subject to unforeseen conditions that could adversely affect the Company or the expected benefits of the proposed transactions; failure to realize the anticipated benefits of the proposed transactions; risks related to the uncertainty of forecast financial information; the effects of competition on the Company’s future business; our ability to attract and retain customers; market, financial, political and legal conditions; the impact of the COVID-19 pandemic or any other global event on the Company’s business and the global economy; our dependence on third-party lenders to provide the liquidity we need to fund our loans and our ability to access affordable third-party funding; errors in our internal forecasts; our level of indebtedness; our ability to integrate acquired businesses; the actions of regulators and the negative impact of those actions on our business; our ability to protect our proprietary technology and analytics and to track those of our competitors; disruption to our information technology systems that adversely affects our business operations; inefficient pricing of the credit risk of our potential or existing customers; inaccurate information provided by customers or third parties which could lead to errors in the assessment of customers’ qualifications to receive loans; improper disclosure of personal customer data; the failure of third parties who provide products, services or support to us; any failure of third-party lenders that we rely on to conduct our business in certain states; disruption of our relationships with banks and other third-party electronic payment solution providers; and other factors discussed in our filings with the Securities and Exchange Commission. These projections, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict with respect to timing, extent, likelihood and degree of occurrence. There may be additional risks not currently known to us or that we currently believe are not material that could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements to predict actual future results. We undertake no obligation to update, change or clarify any forward-looking statement for any reason.

About CURO

CURO Group Holdings Corp. (NYSE: CURO) is a full-spectrum consumer finance provider in the United States and Canada. The company was founded in 1997 by three childhood friends from Kansas to meet consumers’ growing need for short-term loans. Today, CURO operates a robust omnichannel platform offering comprehensive credit solutions to help customers achieve their financial goals. CURO’s decades of experience with alternative data powers the underwriting and rating engine, mitigating risk across the entire credit product line. CURO operates under a number of brands, including Speedy Cash, Rapid Cash, Cash Money, LendDirect, Flexiti, Avío Credit, Opt+, Revolve Finance, Heights Finance, Southern Finance, Covington Credit, Quick Credit and First Phase. Our diverse product channels allow us to meet the changing needs and preferences of our customers.

About Premier Legacy Credit

Headquartered in Ridgeland, MS, with offices and branches in Alabama, Louisiana, Mississippi, South Carolina and Tennessee, First Heritage Credit offers short and long-term personal loans designed to provide its customers with a convenient and reliable source. for extra money when they need it.

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