By David French
(Reuters) – Blackstone Group LP has agreed to sell U.S. consumer finance company Lendmark Financial Services LLC to fellow private equity firm Lightyear Capital LLC for about $600 million excluding debt, people familiar with the matter said on Monday.
Lawrenceville, Georgia-based Lendmark was founded in 1996 and provides a variety of consumer credit products to mostly subprime clients, including personal and auto loans and debt consolidation finance. It has 319 branches spread across 19 U.S. states, according to its website.
The sources requested anonymity because the deal has not yet been announced. Blackstone and Lightyear Capital declined to comment.
Blackstone acquired Lendmark from BB&T Corp in 2013 for an undisclosed sum. Lendmark acquired 127 branches from Springleaf Holdings in 2016 as part of Springleaf’s merger with OneMain Financial.
Lightyear’s purchase of Lendmark comes after the buyout firm sold a 75% stake in broker-dealer Advisor Group last month to buyout firm Reverence Capital Partners.
(Reporting by David French in New York; Editing by Nick Zieminski)