PLANO, Texas — Plano-based consumer lender Republic Finance, a fixture in North Texas for more than 70 years, will be acquired by an investor group led by J.C. Flowers & Co., the companies announced Monday. The private investment firm, which specializes in financial services, is partnering with Nowlake Technology LLC to purchase the company from its current majority owner, CVC Capital Partners.
Financial terms of the deal were not disclosed. The Phillips family, a significant shareholder under CVC's ownership, will retain an equity stake, and Republic's management team will continue to lead the company following the transaction.
> "Over more than seven decades, our team has built Republic Finance into a trusted, well-run company serving hundreds of thousands of customers, and today's announcement is a strong endorsement of that work."
Republic Finance operates across 17 states and provides personal loans and flexible lending options to hundreds of thousands of customers. The company has built its reputation on a customer-first approach to lending and a commitment to regulatory compliance.
Thomas Harding, managing director at J.C. Flowers, said Republic's "discipline, combined with a deeply experienced management team and a loyal customer base, makes Republic a compelling platform." Nowlake Group President Ian Anderson added that the firm sees "opportunity to bring technology, scale, and additional products" to accelerate Republic's growth.