First Investors Financial Services Group has entered into a definitive merger agreement with FIFS Holdings Corp, a company controlled by Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector.
Under the merger agreement, FIFS Holdings will acquire all of the outstanding shares of First Investors common stock in an all-cash transaction valuing First Investors at GBP100m.
Stockholders of First Investors will receive GBP13.87 for each share of First Investors common stock they hold.
"The acquisition by Aquiline is the result of a thorough and competitive process focused on maximising value for our stockholders," says Tommy A Moore, Jr, president and chief executive of First Investors. "Our board unanimously supports this transaction and believes that the acquisition will continue to expand the company’s leadership position in the market it serves. As a management team, we are very excited to be partnering with Aquiline, a firm with an outstanding reputation, valuable industry expertise and capital resources that will enhance our ability to grow our company."
Jeff Greenberg (pictured), chief executive of Aquiline, says: "We are excited to partner with Tommy Moore and his management team. They have an impeccable reputation and the track record at First Investors is outstanding throughout their 23-year history."
