By Will Feuer
Consumer finance company Curo Group Holdings Corp. said it has agreed to sell its legacy U.S. direct lending business, which operates under the Speedy Cash, Rapid Cash and Avio Credit brands, to Community Choice Financial for about $345 million in cash.
The company also said it has agreed to buy First Heritage Credit, a Ridgeland, Miss., consumer lender that provides near-prime installment loans and other financial products, for about $140 million in cash.
“Together, these transactions completely transform our U.S. direct lending business to a near-prime installment lender offering larger loans. These three transactions have strategically recast our U.S. direct lending business in less than a year’s time,” Curo Chief Executive Don Gayhardt said.
Both transactions are expected to close within the next 45 days, the company said.
Write to Will Feuer at Will.Feuer@wsj.com