Marlin Company Products and services to be acquired by investment decision company

Marlin Small business Services Corp., a provider of funds remedies to tiny companies, will be obtained by an investment decision agency in a deal that could be really worth extra than $281 million.

HPS Investment Associates LLC, by means of its European Asset Benefit Money, will get the Mount Laurel-primarily based enterprise for $23.50 for each share, which represents a 65% premium more than the closing price April 16, according to a news launch.

“We are happy to have reached an arrangement with HPS for the sale of Marlin, which will deliver significant value to our shareholders,” CEO and President Jeffrey A. Hilzinger explained in a ready statement. “After productively executing the transformation of Marlin into a wide company of credit score products and solutions and companies to little corporations about the past 5 decades, and successfully navigating by way of the uncertainties of the pandemic, we feel that this transaction demonstrates Marlin’s intrinsic benefit and is the very best option to maximize shareholder worth.”

The transaction is envisioned to close in the first quarter of 2022, pending customary approvals and situations. Marlin would develop into a privately held enterprise at that stage. The board of directors has unanimously authorized the transaction, Marlin mentioned.

J.P. Morgan served as Marlin’s special economical adviser on the transaction, when Mayer Brown served as authorized counsel. Skadden, Arps, Slate, Meagher & Flom LLP served as HPS’ legal counsel.