OLD MARKET CAPITAL Corp (OMCC): M&A transaction — Nicholas Financial closes $65.6M asset sale to Westlake Services; receives net cash of $40.6M

OLD MARKET CAPITAL Corp

Completed sale of substantially all motor vehicle retail installment contracts and unsecured consumer loan contracts to Westlake Services.
Total purchase price $65,617,598; net cash proceeds after adjustments $40,633,835.
Retained $25,894,206 in principal and interest cash payments collected prior to closing that otherwise would have been paid to Westlake.
Exit of consumer loan origination business; servicing had been handled by Westlake affiliate since Nov 2022.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

OLD MARKET CAPITAL Corp completed a disposition involving Westlake Services, LLC dba Westlake Financial for aggregate purchase price of $65,617,598 (closed 2024-04-26).

Action: disposition
Counterparty: Westlake Services, LLC dba Westlake Financial
Consideration: aggregate purchase price of $65,617,598
Closing: 2024-04-26

Exact text from the filing

On April 26, 2024 the transactions contemplated by the Purchase Agreement closed with an aggregate purchase price of $65,617,598

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Source: SEC EDGAR

accession 0000950170-24-051408

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