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Four Firms Help Park Cities’ $67 Million Deal for Elevate Credit

Nov. 21, 2022, 11:45 AM

Four law firms are advising in Park Cities Asset Management’s take-private acquisition of Elevate Credit, Inc., a Fort Worth-based provider of online credit solutions for credit-constrained consumers.

Haynes and Boone, Wick Phillips Gould & Martin, and Husch Blackwell are acting as legal counsel to Park Cities, which will acquire Elevate for $1.87 per share in an all-cash transaction at an implied value of $67 million, according to a statement.

Morrison & Foerster is advising Elevate, which was founded in 2014 and says that, along with the banks that license its technology, it has originated more than $10 billion in credit to nearly 3 million “non-prime” consumers.

Elevate’s shares will no longer trade on the New York Stock Exchange after the deal’s expected first-quarter 2023 closing, the statement said.

Haynes and Boone said its deal team for Park Cities was led by partners Jennifer Wisinski and Stephen Grant.

Morrison & Foerster said its 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, among others.

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com

To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com