J.C. Flowers & Co. LLC, a private investment firm dedicated to investing globally in the financial services industry, has closed on its acquisition of iLendingDirect, an auto refinance marketing company.
In conjunction with the closing, financial industry executives Steve Abernethy and Eric Dunn will join the company’s board of directors. Also joining the iLending Board are John Oros and Tom Harding of J.C. Flowers, and Nancy Fitzgerald, former CEO of iLending.
Abernethy is the former CEO, executive chairman and co-founder of SquareTrade, now an Allstate company, a consumer protection plan offered by top retailers in the U.S. and UK. Dunn is the CEO of Quicken Inc., a personal finance software provider in the U.S.
“iLending is poised for strong growth as more consumers are looking for better options to save money on their auto loans,” said Harding, managing director of J.C. Flowers. “It’s an honor that Steve and Eric have agreed to join the iLending Board, as the company can leverage their keen understanding of both the finance and tech industries, as well as their deep experience building great brands. These skills will be invaluable as the iLending management team looks to take advantage of the many growth opportunities in the market today.”
“We’re excited to welcome Steve and Eric to iLending’s Board of Directors,” said Tom Holgate, acting CEO of iLending. “We look forward to the strong operational guidance and financial stewardship that they, together with the J.C. Flowers team, will bring to the Company as we move on to our next stage of growth.”
“The J.C. Flowers investment, combined with our talented new Board members, offer us a significant competitive advantage,” said Fitzgerald. “I’m eager to work closely with them as we explore new strategic opportunities.”