Thursday, September 20, 2007
Dallas-based Manchester, Inc. to acquire Value Systems, Inc. and MVP Finance, Inc.
That's a lot of Incs.
DALLAS Manchester, Inc. announced today the execution of a Letter of Intent with Southern Indiana area based Buy-Here/Pay-Here used car dealers, Chris Hadley, James Hadley and other shareholders to acquire Value Systems, Inc. and MVP Finance, Inc.
The companies being acquired operate three dealerships in Florence, Kentucky, Madison, Indiana and Nashville, Tennessee. These companies generate over $20 million annually in sales and have a notes receivable portfolio in excess of $23 million. Chris Hadley and his management team will continue to supervise the dealerships' day-to-day operations following the acquisition.
"Value Systems, Inc. and MVP Finance, Inc. are recognized as one of the best managed operations in the industry and present a great opportunity for us to acquire an already successful business and a highly qualified management team. Their experience will further strengthen what is becoming an ever impressive management team at Manchester," said Rick Stanley, Manchester's Chief Executive Officer.
Manchester, headquartered in Dallas, Texas, is seeking to create the preeminent company in the Buy-Here/Pay-Here auto business. Manchester intends to sell acquired and newly generated receivable portfolios through a securitization process. Buy-Here/Pay-Here dealerships sell and finance used cars to individuals with limited credit histories or past credit problems, generally financing sales contacts ranging from 24-48 months.
Source: Manchester, Inc.