Access Financial Services Limited (AFS) has announced that it has completed the acquisition of 100% of the outstanding shares of Embassy Loans Inc., a Florida based finance company, at a cost of US$6.4M. The transaction which was completed on December 14, 2018 was funded from the proceeds of a J$900M global bond which was issued in October 2018.
According to Marcus James, AFS’s Chief Executive Officer, “The acquisition of Embassy is in keeping with AFS’s long-term strategy to diversify the Company’s operations and revenue streams into markets where profitable opportunities for growth are identified. We are very excited by the acquisition as it provides us with a solid platform for expansion in North America. Embassy has a solid portfolio, tenured management team and robust IT systems.”
Embassy Loans Inc., which was founded in 2006, is a consumer finance company which offers auto equity loans throughout the state of Florida in North America, states AFS.