Southern Management Corporation
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Southern Management Corporation - overview
Established
1985
Location
Greenville, SC, US
Primary Industry
Financial Services
About
Based in South Carolina, US, and founded in 1985, Southern Management Corporation, doing business as Heights Finance, operates as a financial services company. In December 2021, CURO Financial Technologies Corp. agreed to acquire Southern Management Corporation for USD 360 million, including USD 335 million in cash and USD 25 million of common stock. As of May 2022, the company’s CEO is Doug Clark and it has more than 1300 employees.
Heights Finance provides short- and long-term personal loans that can be used for applications such as local debt consolidation, unexpected expenses, life events, medical bills, home projects, tuition payments, school supplies, phone payments, and financing auto repairs. In addition to personal loans, the company also provides other services such as refinancing, credit insurance, and a business referral program for near-prime and non-prime customers. It offers loan payments through mobile phones, online payment modes, and debit cards. The company had a revenue of USD 235 million and an adjusted pre-tax income of USD 34 million as of September 2021.
Following the December 2021 acquisition, the company plans to expand its markets, leverage its omnichannel capabilities, and cross-sell certain of its card products.
Primary Industry
Financial Services
Sub Industries
Consumer Finance
Website
www.mymoneytogo.com
Verticals
FinTech, FinTech
Company Stage
Acquired
Total Amount Raised
Subscriber access only
Southern Management Corporation - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade Sale | Completed | Southern Management Corporation | - | ||||||||
| Add-on | Completed | Heights Finance Corporation | - | ||||||||
| Buyout | Completed | Southern Management Corporation | - |
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