This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

White River Capital, Inc. Announces Signing Of Merger Agreement To Be Acquired By Parthenon Capital Partners

White River Capital, Inc. (NYSE MKT: RVR) (“White River”) and Parthenon Capital Partners, a Boston and San Francisco based private equity firm (“Parthenon”), today announced the signing of a definitive merger agreement pursuant to which an affiliate of Parthenon will acquire White River and its wholly-owned subsidiary Coastal Credit, L.L.C. (“Coastal Credit”) in a merger transaction between the Parthenon affiliate and White River. Under the terms of the merger agreement an affiliate of Parthenon, in which Parthenon’s partner, OP Trust, is an investor, will acquire all of the outstanding shares of White River common stock in an all-cash transaction for an aggregate deal value of approximately $79.5 million or $21.93 for each share of White River common stock, subject to certain adjustments as more fully described in the definitive merger agreement.

White River’s Chairman and CEO, John M. Eggemeyer, stated, “Bill McKnight has done an incredible job building Coastal Credit into one of the leading sub-prime auto finance companies today. We are pleased that we have been able to enter into an agreement that is good for our shareholders while at the same time being positive for our employees and customers.” Bill McKnight, CEO of Coastal Credit, also stated, “We are very excited to be partnering with Parthenon, a firm with an outstanding reputation, valuable industry insight and capital that will enhance our ability to grow the business."

Brian P. Golson, Managing Partner at Parthenon said, “After 10 years of effort in the industry and an intense 3 year search for the right partnership in the sub-prime auto finance sector, we’re thrilled to partner with Bill McKnight and the Coastal Credit executive team to aggressively grow the company. Coastal is poised to build upon its leadership position in the auto finance marketplace.” Andrew Dodson, Partner at Parthenon, also remarked, “We are impressed with the team at Coastal Credit and their remarkable 25 year track record of excellence. We look forward to assisting the company as it continues to build its franchise nationally.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs