Global Lending Services LLC Enters Agreement with BlueMountain Capital Management, LLC for Additional Growth Capital
GREENVILLE, S.C., Feb. 20, 2018 /PRNewswire/ -- Global Lending Services LLC ("GLS" and the "Company"), a leading national non-prime auto finance lender headquartered in Greenville, SC, today announced that funds managed by BlueMountain Capital Management, LLC ("BlueMountain") have made a follow-on growth equity investment and are in the final stages of completing a whole loan purchase facility, which would finance future GLS originations. BlueMountain would become the second institutional investor to establish a whole loan purchase facility with GLS.
"This investment communicates a vote of confidence from our investors, who have witnessed our emergence as a leading brand among non-bank auto finance lenders. GLS has grown through partnership and service, employing cutting-edge technology and analytics to support its customers and manage risk," said Steve Thibodeau, Chief Executive Officer of GLS.
Over the past year, GLS has scaled its operations and earned record profitability, while significantly reducing credit risk through refined underwriting standards and advanced analytics. Since its founding in 2012, the Company has originated $1.5 billion in auto installment contracts, servicing over 11,000 dealers and helping over 80,000 customers finance vehicles.
GLS will leverage the additional capital commitment to strengthen its dealer network and strategic partnerships, help customers fulfill their essential transportation needs, and create a dealer- and customer-friendly environment that enhances its partners' efficiency and profitability. The Company's deep understanding of dealers' and customers' needs have helped establish GLS as an emerging leader within the auto finance industry.
About Global Lending Services LLC
GLS was founded by auto industry veteran Douglas Duncan and is partnered with New York-based investment firm BlueMountain Capital Management, LLC. Its management team has extensive auto finance experience and successful track records building, managing, and capitalizing some of the most successful auto finance companies in the industry today. GLS has established national distribution channels and understands customers' and dealers' need to be served by a technology-enabled, full-service auto finance platform. To learn more about Global Lending Services visit glsllc.com.
About BlueMountain Capital Management, LLC
BlueMountain is a diversified alternative asset manager managing more than $21 billion in assets. BlueMountain was founded in 2003 and today operates a collaborative, multi-disciplinary platform, investing in strategies across major asset classes. The firm has a global presence and serves sophisticated investors via commingled hedge funds, longer-dated private capital funds, and customized single-investor fund solutions. BlueMountain's diverse team of professionals in New York and London is supported by the firm's institutionalized and proprietary infrastructure, including specialized operations and risk management technology.
SOURCE Global Lending Services LLC
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