J.C. Flowers Completes its Acquisition of iLendingDIRECT
Steve Abernethy, former CEO and Co-Founder of SquareTrade, and Eric Dunn, CEO of Quicken Inc., will Join the Board of Directors in Conjunction with the Closing
NEW YORK, NY, May 3, 2021 – J.C. Flowers & Co. LLC (“J.C. Flowers”), a leading private investment firm dedicated to investing globally in the financial services industry, announced today that it has closed on its acquisition of iLendingDIRECT (“iLending” or “the Company’), a leading auto refinance marketing company. Terms of the transaction were not disclosed.
In conjunction with the closing, financial industry veterans Steve Abernethy and Eric Dunn will join the Company’s Board of Directors. Also joining the iLending Board are John Oros and Tom Harding of J.C. Flowers, and Nancy Fitzgerald, former CEO of iLending.
“iLending is poised for strong growth as more consumers are looking for better options to save money on their auto loans,” said Tom Harding, Managing Director of J.C. Flowers. “It’s an honor that Steve and Eric have agreed to join the iLending Board, as the Company can leverage their keen understanding of both the finance and tech industries, as well as their deep experience building great brands. These skills will be invaluable as the iLending management team looks to take advantage of the many growth opportunities in the market today.”
Mr. Abernethy is the former CEO, Executive Chairman and Co-founder of SquareTrade, now an Allstate company, a top-rated consumer protection plan offered by top retailers in the U.S. and UK. Prior to co-founding SquareTrade in 1999, Steve was a management consultant at McKinsey & Co. He currently serves on the boards of AutoFi and Triparound, and is a member of the Dean’s Leadership Council at Cal Poly College of Architecture & Environmental Design. Mr. Abernethy holds a bachelor’s of science degree in architectural engineering from California Polytechnic University San Luis Obispo, and an MBA from Harvard Business School.
Mr. Dunn is the CEO of Quicken Inc., the leading personal finance software provider in the U.S. He was appointed CEO in 2016, having previously worked for 20 years at Intuit, Quicken’s previous owner. Over his two decades at Intuit, Mr. Dunn served as CFO, guiding the company through its IPO and merger with ChipSoft (TurboTax), and was also Intuit’s first CTO. He retired from Intuit in 2000 to pursue a second career in technology investing, first as an angel investor and then as a General Partner at Cardinal Venture Capital. He has served on numerous boards of directors, including those of six public companies.
“We’re excited to welcome Steve and Eric to iLending’s Board of Directors,” said Tom Holgate, acting CEO of iLending. “We look forward to the strong operational guidance and financial stewardship that they, together with the J.C. Flowers team, will bring to the Company as we move on to our next stage of growth.”
“The J.C. Flowers investment, combined with our talented new Board members, offer us a significant competitive advantage,” said Ms. Fitzgerald. “I’m eager to work closely with them as we explore new strategic opportunities.”
Weil, Gotshal & Manges LLP served as legal counsel to J.C. Flowers. Locke Lord LLP served as legal counsel and Roth Capital acted as financial advisor to iLending.
Founded in 2006 and based in Englewood, Colorado, iLending is a national leader in automotive refinancing. Through strategic partnerships with credit unions, banks, and other financial institutions nationwide, the Company offers consumers lower interest rates on auto loans and other creative financing solutions. iLending saves consumers thousands of dollars in interest and payments and provides its lending partners with high quality loans that meet their footprint and credit criteria. By utilizing its proprietary software platform, iLending refinances auto loans and offers vehicle service contracts, GAP waivers and other vehicle protection products directly to customers. iLending is a Better Business Bureau® A+ Rated Accredited Business. Please visit www.ilendingdirect.com for more information.
About J.C. Flowers & Co.
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $16 billion of capital, including co-investment, in 59 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $6 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, please visit www.jcfco.com.
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For J.C. Flowers
Lambert & Co.