Private equity firm FFL has completed a C$60 million (U.S. $64 million) investment in Snap Financial Group.
Snap, headquartered in Vancouver, Canada, is an independent consumer lender that focuses primarily on the home and auto finance segments. The company has originated more than $635 million in consumer loans. Snap founders David Nickel and John Stout will retain a significant interest in the company and will continue to manage operations.
San Francisco-based FFL has about $2.6 billion in capital under management, and generally invests between $50 million and $200 million per deal. The firm invests in consumer products and services, financial services, health care services and business services companies. FFL has a history of investing in financial services businesses, and has previously invested in AmericanWest Bank, Green Bancorp, Montpelier Re and Strategic Investment Group.
For more lender news, see "Lenders Loosen Up."