Victory Park Capital provides $25 million credit facility and leads equity raise to West Creek Financial, Inc.
Press Release
Jul 21, 2016
CHICAGO – July 21, 2016 – Victory Park Capital (VPC), an investment firm focused on private middle market debt and equity investments, announced today that it has provided a $25 million senior secured credit facility to West Creek Financial, Inc. (West Creek), a point-of-sale lease-to-own provider. The credit facility, along with the accompanying equity raise, will help support the company’s growth and its ability to provide under-banked consumers with affordable alternatives when purchasing durable consumer goods such as furniture, mattresses and appliances.
“West Creek’s management team is leveraging their significant credit and risk analytics expertise to capitalize on a unique niche within the broader non-bank financial services sector,” said Tom Welch, principal at VPC. “West Creek provides consumers with less-than-perfect credit or those with limited credit history a means to purchase essential home goods that they otherwise would not have access to.”
Based in Richmond, Virginia, West Creek is working on a national rollout of its rent-to-own solution. “We look forward to a long partnership with VPC given their knowledge and track record within the specialty finance industry,” stated Boomer Muth, CEO of West Creek. “Their investment will provide the growth capital to support portfolio expansion geographically and allow us to scale the platform within our target markets.”
About West Creek Financial, Inc.
Founded in 2014, West Creek provides a point-of-sale lease-to-own option for underserved customers, enabling purchases of durable goods such as furniture, mattresses, and appliances. The company utilizes big data and technology to optimize underwriting and deliver industry leading approval rates. For more information visit West Creek’s website at http://westcreekfin.com/ or contact Bob McCarthy at bob.mccarthy@westcreekfin.com for Business Development opportunities.