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

Parthenon Capital Partners Completes Investment In White River Capital

Parthenon Capital Partners, a Boston and San Francisco based private equity firm (“Parthenon”), and White River Capital, Inc. (NYSE MKT: RVR) (“White River”) today announced the closing of the transaction in 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. Coastal Credit is a leading sub-prime auto finance company that acquires and services auto receivables originated at franchised and independent dealerships. One of Parthenon’s largest limited partners, OPTrust, will also invest in the transaction. Proceeds from the transaction will be used to provide liquidity to White River’s shareholders who held shares at the effective time of the merger. At a Special Meeting of Shareholders held on February 11, 2013, White River’s shareholders voted to approve the merger, the merger agreement for the transactions, and all transactions contemplated by the merger agreement.

Coastal Credit is led by President and CEO Bill McKnight, who developed the Company into one of the leading sub-prime auto finance businesses serving both the military and civilian markets in the U.S. Mr. McKnight stated, “We are very excited to partner with Parthenon given their knowledge of the auto finance industry combined with their track record of helping companies grow. We have developed a shared vision for Coastal’s continued growth and disciplined industry approach and have already begun to make significant progress towards our goals.”

Andrew Dodson, Partner at Parthenon, also remarked, “We are thrilled to partner with Bill and the rest of the Coastal team. Their 25-year history of producing growth and unparalleled underwriting results makes Coastal a unique company in the auto finance industry. Together with Bill and his team, we look forward to continuing this success and augmenting it through enhanced technology and dealer services, initiatives that we have already begun to implement.”

1 of 3

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 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs