M&A · Financials · Finance Services
Park Cities Asset Management to acquire Elevate Credit, Inc.
Announced Nov 16, 2022 · Closed Feb 28, 2023
Deal value$67M
Premium99.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$1.87 per share
Transaction
- Acquirer
- Park Cities Asset Management
- Target
- Elevate Credit, Inc. (ELVT)
- Buyer type
- Strategic
- Offer price per share
- $1.87
- Enterprise value
- —
- Status
- Closed Feb 28, 2023
Deal protections
- Break fee (target pays)
- $2.5M · 3.7%
- Reverse fee (buyer pays)
- $5.0M · 7.5%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $7.0M
Sector context · Financials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 99.0% vs. 32.0% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.7% vs. 3.6% sector median
Timeline
- AnnouncedNov 16, 2022
- Proxy filedDec 20, 2022
- Definitive proxyJan 17, 2023
- Shareholder voteFeb 15, 2023
- ClosedFeb 28, 2023
Valuation · fairness opinions
Trading comparables$0.68$1.27
Trading comparables$0.29$0.53
Trading comparables$1.44$1.92
Precedent transactions$1.58$2.04
Discounted cash flow$0.53$1.39
Offer $1.87
Implied value per Elevate Credit, Inc. share by analysis, from Morgan Stanley.