CHICAGO--(BUSINESS WIRE)--Victory Park Capital (VPC), an investment firm focused on private middle market debt and equity investments, announced today that it has provided a $100 million senior secured credit facility to Wheels Financial Group, LLC (d/b/a “LoanMart”), an auto title lender. The credit facility will help support the company’s growth and ability to provide under-banked consumers with affordable auto title loans.
“LoanMart is an established business with a proven track record in the auto title loan industry,” said Jason Brown, partner at VPC. “The management team brings decades of direct experience and has demonstrated a unique ability to evaluate consumer credit risk through economic cycles.”
Based in Encino, California, LoanMart has become the largest auto title lender in the state. The company is led by industry veterans Hugo Dooner, CEO, and Suken Mehta, CFO.
“Victory Park is a leader in the structured finance lending space,” added Dooner. “We look forward to working with an experienced partner to support the continued expansion of our business.”
About Wheels Financial Group (d/b/a/ “LoanMart”)
Founded in 2002, LoanMart is a leading provider of non-traditional lending services for customers who may otherwise be unable to borrow money from traditional sources such as banks. The company provides loans directly to consumers as well as through a large network of business partners. LoanMart is the largest auto title lender in California and offers a diverse portfolio of financial products, including auto equity loans, personal loans and small business loans. LoanMart’s products provide consumers with an alternative to traditional payday and title loans that is more affordable and allows the opportunity to establish or rebuild positive credit. Based in Los Angeles, Calif., LoanMart has over 300 employees, and currently does business in 20 states. For more information please visit LoanMart's website at http://www.800loanmart.com/ or contact Rainer Walk at rwalk@loanmart.com for Business Development opportunities.
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is an investment firm with a focus on alternative credit and a commitment to delivering attractive risk-adjusted returns and capital preservation for its clients. VPC provides privately negotiated debt and equity capital solutions to small and middle market companies across a wide range of industries. We target fundamentally sound businesses in need of liquidity and/or capital structure transformation and often take a leadership role in the financial restructuring process. VPC’s offerings leverage the firm’s special situations and credit structuring expertise and differentiated deal origination capabilities. The firm was founded in 2007 and is headquartered in Chicago, with offices in London, Los Angeles and New York. VPC is privately held and a Registered Investment Advisor with the SEC. For more information visit: www.victoryparkcapital.com.
