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Parthenon Purchasing White River Capital Inc. for $80 Million

The private equity firm Parthenon Capital Partners has entered the auto finance sector with its $80 million acquisition of White River Capital Inc.

Parthenon will pay $21.93 for each share of White River Capital Inc., owner of subprime lender Coastal Credit LLC. The share price is not much off where the share has sat, around $20, for most of the year. Coastal Credit was founded in 1987 to provide used-car financing. Based in Virginia Beach, it now has a 27-state footprint comprised of 14 branch locations.

The purchase of the financial holding company is the second time in recent memory that a auto lender has been bought by a private equity firm.

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