MoFo Advises Elevate on Sale to Park Cities Asset Management

Morrison Foerster advised Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, in connection with its definitive agreement to be acquired by an affiliate of Park Cities Asset Management LLC, an alternative asset manager focused on providing flexible debt solutions.

 Park Cities will acquire Elevate for $1.87 per share in an all-cash transaction at an implied value of $67 million. The transaction is expected to close in the first quarter of 2023.

Founded in 2014, Elevate has reinvented non-prime credit with online solutions that provide financial relief today, and help people build a brighter financial future. Elevate, along with the banks that license its technology, has originated more than $10 billion in credit to nearly three million non-prime consumers. Elevate has a long relationship with Park Cities, which brings decades of experience in consumer and commercial lending, extensive corporate finance acumen, and significant operating experience that will allow Elevate to continue to serve credit-constrained Americans.

MoFo has represented Elevate throughout its complete life cycle, including advising the company on its initial public offering in 2017. Upon completion of this transaction, Elevate’s shares will no longer trade on the New York Stock Exchange, and Elevate will become a private company, which will continue to operate under the Elevate name and brand.

The MoFo team advising Elevate was led by San Francisco corporate partner and global M&A co-chair Brandon C. Parris, San Francisco partner Michael O’Bryan, and Palo Alto of counsel Danli Guo, together with Palo Alto associates Katherine Suzuki and Thomas Hopkins and San Francisco visiting attorney Kazutaka Sekiyama. The wider team included New York antitrust partner Michael Miller, New York executive compensation partner Domnick Bozzetti, San Francisco tax partner Joy MacIntyre, Boston privacy and data security partner Julie O’Neill, and Austin technology transactions of counsel Lawrence Gallick.

Read more about the transaction in Elevate’s press release.