Värde Partners has acquired Austin, Texas-based CreditShop, a consumer finance company. No financial terms were disclosed. AHP Partners LLC and Kirkland & Ellis LLP advised Värde on the deal while Credit Suisse advised CreditShop.
MINNEAPOLIS, November 13, 2017 – Värde Partners, the global alternative investment firm, today announced the acquisition of CreditShop. CreditShop is an independent consumer finance company that uses advanced data analytics and technology to underwrite and serve a broad consumer base.
CreditShop’s asset base includes approximately $1.6 billion of MasterCard credit cards acquired from Barclaycard in March of 2017.
“We are excited to have Värde as our new owner and strategic partner, bringing unique resources, capabilities and experience within consumer finance,” said Daniel Duncan, CEO of CreditShop.
CreditShop is the 25th largest MasterCard and Visa credit card issuer in the U.S. following the March transaction with Barclaycard. It plans to grow its business with the launch of its own card products in 2018.
“Värde’s acquisition of CreditShop provides an attractive entry point into the $500 billion consumer credit card industry and is an extension of our strategy of growing specialty finance platforms globally,” said Aneek Mamik, North America Head of Specialty Finance at Värde Partners.
“We believe the experienced leadership team and scale of the platform will allow CreditShop to gain significant market share in a segment largely underserved by the traditional banking system following the financial crisis.”
Värde was advised by AHP Partners LLC and Kirkland & Ellis LLP. CreditShop was advised by Credit Suisse.
CreditShop is a consumer finance company headquartered in Austin, TX, with an additional office in Wilmington, DE. The company offers credit products to prime and near-prime consumers. CreditShop operates in all 50 states, and is a top 25 MasterCard and Visa credit card issuer.
About Värde Partners:
Värde Partners is a $13 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including specialty finance, real estate, corporate credit, mortgages, energy and transportation. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 270 people globally with regional headquarters in Minneapolis, London and Singapore.