QC Holdings, Inc. to be Acquired by Prospect Capital Corporation
Prospect Capital (NASDAQ: PSEC) has announced a definitive merger agreement to acquire QC Holdings in an all-cash transaction valued at approximately $115 million, offering $2.00 per share. The merger has received unanimous approval from QC Holdings' board of directors and majority shareholders.
The transaction is expected to close within 40 to 60 days, subject to regulatory approvals and customary closing conditions. Post-merger, QC Holdings will delist from the OTC Pink Market but maintain its headquarters in Lenexa, Kansas, with current CEO Darrin Andersen and the management team continuing their roles.
The merger aims to provide QC Holdings, a consumer finance business with a 40-year history, access to greater capital through Prospect for future growth and innovation.
Prospect Capital (NASDAQ: PSEC) ha annunciato un accordo di fusione definitivo per acquisire QC Holdings in una transazione interamente in contante del valore di circa 115 milioni di dollari, offrendo 2,00 dollari per azione. La fusione ha ricevuto l'approvazione unanime dal consiglio di amministrazione di QC Holdings e dai principali azionisti.
Si prevede che la transazione si chiuda entro 40-60 giorni, soggetta alle approvazioni normative e alle consuete condizioni di chiusura. Dopo la fusione, QC Holdings sarà esclusa dal mercato OTC Pink, ma manterrà la sua sede a Lenexa, Kansas, con l'attuale CEO Darrin Andersen e il team di gestione che continueranno i loro ruoli.
La fusione mira a fornire a QC Holdings, un'azienda di finanza al consumo con una storia di 40 anni, accesso a un capitale maggiore attraverso Prospect per una futura crescita e innovazione.
Prospect Capital (NASDAQ: PSEC) ha anunciado un acuerdo de fusión definitivo para adquirir QC Holdings en una transacción totalmente en efectivo valorada en aproximadamente 115 millones de dólares, ofreciendo 2,00 dólares por acción. La fusión ha recibido la aprobación unánime de la junta directiva de QC Holdings y de los accionistas mayoritarios.
Se espera que la transacción se cierre en un plazo de 40 a 60 días, sujeta a aprobaciones regulatorias y condiciones habituales de cierre. Tras la fusión, QC Holdings se retirará del mercado OTC Pink pero mantendrá su sede en Lenexa, Kansas, con el actual CEO Darrin Andersen y el equipo de gestión continuando en sus roles.
La fusión tiene como objetivo proporcionar a QC Holdings, un negocio de finanzas al consumidor con 40 años de historia, acceso a un mayor capital a través de Prospect para un futuro crecimiento e innovación.
프로스펙트 캐피탈 (NASDAQ: PSEC)은 QC 홀딩스를 인수하기 위한 최종 합병 계약을 발표했습니다. 이 거래는 약 1억 1500만 달러의 현금 거래로, 주당 2.00달러를 제공합니다. 합병은 QC 홀딩스의 이사회와 주요 주주들의 만장일치로 승인되었습니다.
거래는 40~60일 이내에 마무리될 것으로 예상되며, 규제 승인 및 관례적인 마감 조건에 따릅니다. 합병 후 QC 홀딩스는 OTC 핑크 마켓에서 상장 폐지되지만, 현재 CEO인 다린 앤더슨과 경영진은 역할을 계속 유지합니다.
이번 합병의 목표는 40년 역사를 가진 소비자 금융 사업인 QC 홀딩스에 프로스펙트를 통해 더 큰 자본에 접근할 수 있도록 하여 향후 성장과 혁신을 도모하는 것입니다.
Prospect Capital (NASDAQ: PSEC) a annoncé un accord de fusion définitif pour acquérir QC Holdings dans une transaction entièrement en espèces d'une valeur d'environ 115 millions de dollars, offrant 2,00 dollars par action. La fusion a reçu l'approbation unanime du conseil d'administration de QC Holdings et des actionnaires majoritaires.
La transaction devrait être finalisée dans un délai de 40 à 60 jours, sous réserve des approbations réglementaires et des conditions de clôture habituelles. Après la fusion, QC Holdings sera radiée du marché OTC Pink mais maintiendra son siège à Lenexa, Kansas, avec l'actuel PDG Darrin Andersen et l'équipe de direction continuant leurs rôles.
La fusion vise à fournir à QC Holdings, une entreprise de finance aux consommateurs avec 40 ans d'histoire, un accès à un capital accru grâce à Prospect pour une croissance et une innovation futures.
Prospect Capital (NASDAQ: PSEC) hat eine endgültige Fusionsvereinbarung angekündigt, um QC Holdings in einer Bartransaktion im Wert von etwa 115 Millionen Dollar zu erwerben, mit einem Angebot von 2,00 Dollar pro Aktie. Die Fusion wurde einstimmig vom Vorstand von QC Holdings und den Mehrheitsaktionären genehmigt.
Es wird erwartet, dass die Transaktion innerhalb von 40 bis 60 Tagen abgeschlossen wird, vorbehaltlich der behördlichen Genehmigungen und der üblichen Abschlussbedingungen. Nach der Fusion wird QC Holdings vom OTC Pink Market gestrichen, behält jedoch seinen Hauptsitz in Lenexa, Kansas, wobei der derzeitige CEO Darrin Andersen und das Managementteam ihre Rollen weiterhin ausüben.
Die Fusion zielt darauf ab, QC Holdings, einem Verbraucherfinanzunternehmen mit 40 Jahren Geschichte, über Prospect Zugang zu mehr Kapital für zukünftiges Wachstum und Innovation zu verschaffen.
- All-cash acquisition provides immediate liquidity for shareholders
- Unanimous board approval and majority shareholder support secured
- Management team continuity ensures operational stability
- Access to greater capital through PSEC for growth opportunities
- 40-year operating history demonstrates business stability
- Delisting from OTC Pink Market reduces stock liquidity
- Transaction subject to regulatory approval risks
- Merger completion dependent on closing conditions
Insights
Prospect Capital 's $115 million acquisition of QC Holdings represents a strategic expansion into the consumer finance sector for the BDC (Business Development Company). At
This transaction amounts to approximately
The structure as an all-cash deal is significant, suggesting PSEC is utilizing its balance sheet rather than diluting shareholders. Maintaining QC's existing management team and headquarters indicates PSEC is acquiring operational expertise rather than merely purchasing assets for consolidation.
For PSEC shareholders, this represents potential portfolio diversification and supplemental income streams. However, without financial specifics regarding QC Holdings' revenue, profitability, or growth trajectory, it's difficult to assess the acquisition's immediate ROI potential. The transaction's relatively quick expected closing timeline (40-60 days) suggests regulatory hurdles and strong confidence in completion.
NEW YORK, April 11, 2025 (GLOBE NEWSWIRE) -- A portfolio company of Prospect Capital Corporation (“Prospect”) (NASDAQ: PSEC) and QC Holdings, Inc. (“QC Holdings” or the “Company”) (OTCPK:QCCO) today announced they have entered into a definitive merger agreement pursuant to which, subject to certain conditions and on the terms set forth in the merger agreement, Prospect would acquire QC Holdings in an all-cash transaction, for
The Merger was unanimously approved by the board of directors of QC Holdings and by the holders of a majority of the outstanding shares of the Company’s common stock. No other stockholder approval is required. Completion of the Merger is subject to the receipt of certain required regulatory approvals, as well as certain other closing conditions customary for transactions of this nature. The transaction is expected to close in 40 to 60 days.
Upon completion of the transaction, QC Holdings’ common stock will no longer be listed on the OTC Pink Market. The Company will remain headquartered in Lenexa, Kansas.
The QC Holdings management team, led by Darrin Andersen, President and Chief Executive Officer, will continue to lead the Company post-Merger in their current roles.
“QC Holdings has built a strong foundation based on innovation, customer service, and operational excellence,” said Mr. Andersen. “This Merger provides an excellent premium for our stockholders above our stock price. Our access to greater capital through Prospect will position us for future growth and innovation, ensuring that we will continue to provide increased value to our customers.”
“Prospect looks forward to supporting the growth of QC Holdings, a strong consumer finance business with a 40-year history,” said Grier Eliasek, President and Chief Operating Officer of Prospect.
Blank Rome LLP served as legal advisor to Prospect. Stinson LLP served as legal advisor to QC Holdings.
About QC Holdings, Inc.
QC Holdings specializes in consumer-focused alternative financial services and credit solutions and, for more than 40 years, has been providing credit options for people underserved by traditional banking institutions. Its core products include a variety of short-term loans and financial services. In the United States, QC Holdings operates as “LendNation” through more than 325 retail locations in 12 states. In Canada, QC Holdings offers loans through 19 retail locations and online.
About Prospect Capital Corporation
Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the U.S. Private Securities Litigation Reform Act, whose safe harbor for forward-looking statements does not apply to business development companies. Forward-looking statements do not relate strictly to historical or current facts and may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “forecasts,” “foresees,” “potential” and other words of similar meaning in conjunction with statements regarding, among other things, (i) plans and objectives of management for the operation of QC Holdings, (ii) statements regarding the timing of completion of the merger and the consummation of the Merger, (iii) the anticipated financing of the transaction, (iv) the anticipated benefits to QC Holdings arising from the completion of the Merger, (v) the impact of the Merger on QC Holdings’ business strategy and future business and operational performance, and (vi) the assumptions underlying or relating to any such statement. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements.
Additional Information Regarding the Merger
QC Holdings will mail or otherwise make available to its stockholders an Information Statement (the “Information Statement”), describing the Merger. QC HOLDINGS’ STOCKHOLDERS ARE URGED TO CAREFULLY REVIEW THE INFORMATION STATEMENT AND ANY ACCOMPANYING DOCUMENTS IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. QC Holdings stockholders may obtain a free copy of the Information Statement and other documents (when available) from Computershare, the Company’s stock transfer agent. A copy of the Information Statement will also be available on QC Holdings’ website at www.qchi.com.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer, Prospect Capital Corporation
grier@prospectcap.com
(212) 448-0702
Darrin J. Andersen, President / Chief Executive Officer, QC Holdings Inc.
Darrin.andersen@qcholdings.com
(913) 234-5122
Joshua C. Ditmore, General Counsel, QC Holdings, Inc.
Joshua.ditmore@qcholdings.com
(913) 234-5174
FAQ
What is the acquisition price per share for QC Holdings by Prospect Capital (PSEC)?
What is the total enterprise value of PSEC's acquisition of QC Holdings?
When is the PSEC-QC Holdings merger expected to close?
Will QC Holdings management team change after the PSEC acquisition?
What happens to QC Holdings' stock listing after the PSEC merger?
