RTTNews | Jun 28, 2021 08:15AM EDT

08:14 Monday, June 28, 2021 (RTTNews.com) - Indirect auto finance company Exeter Finance LLC announced Monday that it has entered into a definitive agreement to be acquired by an investor group led by Warburg Pincus from funds managed by Blackstone (BX). Terms of the private transaction were not disclosed.

Exeter is a rapidly growing tech-enabled indirect auto lender, with a managed loan portfolio of more than $7 billion

The investment will help accelerate the growth and development of innovative, tech-enabled auto financing solutions.

Warburg Pincus is a long-time, active investor in the auto industry across a variety of verticals including auto lenders, rental car providers, e-commerce distribution, and software platforms.

The transaction is expected to close by the end of 2021 and is subject to customary closing conditions. Jason Grubb will remain as CEO and a meaningful investor in the company, alongside the current Exeter management team.

Read the original article on RTTNews ( https://www.rttnews.com/3205396/exeter-finance-to-be-acquired-by-warburg-pincus-from-blackstone-for-undisclosed-term-quick-facts.aspx)

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