Prospect Capital Completes QC Holdings Acquisition Successfully
Prospect Capital Corporation Acquires QC Holdings
NEW YORK – Prospect Capital Corporation (“Prospect”) (NASDAQ: PSEC) has made significant news with the completion of its acquisition of QC Holdings, Inc. (“QC Holdings”), a notable player in the consumer credit sector. This acquisition marks a strategic move for Prospect, solidifying its presence in an industry known for its essential services providing credit solutions. Completed on June 30, this all-cash transaction is valued at approximately $115 million in total enterprise value.
The Future of QC Holdings
As part of this merger, the common stock of QC Holdings will no longer be available on public stock exchanges. However, the company will continue its operations under the guidance of its existing management team. Darrin Andersen, the President and Chief Executive Officer, is expected to lead the company through this transition, ensuring stability and continuity for both employees and customers.
Investor Information Following the Acquisition
For those who hold stock in QC Holdings, important updates have been provided regarding the process of stock conversion following the acquisition. Shareholders with physical stock certificates will receive a letter outlining how to submit their shares. Those using direct registration with Computershare, the designated stock transfer agent, can expect payment for their shares within a few business days as well. Investors holding their shares through brokers are encouraged to contact their brokerage firms for specific details regarding the payment process.
Insights into Prospect Capital Corporation
Prospect Capital Corporation is primarily focused on investing in and lending to private enterprises, aiming to develop both current income and long-term capital growth. The company operates under certain regulations, having opted to be treated as a business development company as per the Investment Company Act of 1940. This strategic decision supports its goal of effectively investing in promising business ventures and helping them grow.
About QC Holdings, Inc.
With over 40 years in operation, QC Holdings has established itself as a leader in providing alternative financial services to consumers who may have difficulty accessing traditional banking solutions. The company’s offerings include a wide range of financial products tailored for individuals, including short-term loans and other credit options. In the U.S., QC Holdings operates under the brand “LendNation,” with a robust presence of over 325 locations across 12 states and an additional 19 locations in Canada, providing essential services to communities in need.
Contact Information for Queries
For further inquiries regarding this acquisition or any other matters related to Prospect Capital Corporation and QC Holdings, a team of professionals is available to assist.
For Prospect Capital Corporation:
Grier Eliasek, President and Chief Operating Officer
Email: grier@prospectcap.com
Phone: (212) 448-0702
For QC Holdings, Inc.:
Darrin J. Andersen, President / Chief Executive Officer
Email: Darrin.andersen@qcholdings.com
Phone: (913) 234-5122
Joshua C. Ditmore, General Counsel
Email: Joshua.ditmore@qcholdings.com
Phone: (913) 234-5174
Frequently Asked Questions
What led to the acquisition of QC Holdings by Prospect Capital?
The acquisition aligns with Prospect Capital's goal to expand its portfolio in the consumer credit sector and to provide enhanced financial services options.
How will QC Holdings operate after the acquisition?
QC Holdings will continue its operations under the leadership of its current management team, ensuring minimal disruption and a focus on its core mission.
What are the implications for QC Holdings' stockholders?
Stockholders will receive information on how to convert their shares, with payments being processed within a few business days post-acquisition.
What services does QC Holdings offer?
QC Holdings specializes in providing alternative financial services, including short-term loans and various credit options aimed at consumers underserved by traditional banks.
Who can investors contact for more information?
Investors and interested parties can reach out to designated officers at both Prospect Capital and QC Holdings for detailed information and support.
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