Fourshore Partners (Fourshore) has acquired North State Acceptance (NSA), a specialty finance company that purchases and services retail instalment sales contracts from automobile dealerships.NSA is a leading provider of indirect subprime auto financing and direct consumer loans, enabling emerging credit consumers in Southeast and Mid-Atlantic regions to purchase automobiles or obtain financing through a network of dedicated independent auto dealers and 12 branch locations. Led by long-term industry veterans, North State utilises an effective business model leveraging branch locations to ensure rigorous underwriting, efficient servicing and collections, and attractive asset and financial performance through multiple economic cycles.
“We are excited to partner with Fourshore to build upon NSA’s foundation and recent momentum,” said Jim Ratcliff, Founder and Chief Executive Officer of North State Acceptance.
Pedro Freyre, Partner at Fourshore, says that: “partnering with the best-in-class management team made NSA a very attractive opportunity at this particularly point in the auto finance cycle.”
The transaction was led by Jose Costa, Pedro Freyre, and Milos Milosevic at Fourshore Partners. Akerman LLP served as legal counsel to Fourshore Partners. Holland & Knight LLP served as legal counsel to the seller, Pine Tree Equity Partners. Financial terms of the transaction were not disclosed.