AmeriCredit Corp. today announced a definitive agreement for its operating subsidiary, AmeriCredit Financial Services, Inc., to acquire all of the outstanding capital stock of Long Beach Acceptance Corp. (LBAC). LBAC is the auto finance subsidiary of ACC Capital Holdings. The acquisition is an all-cash transaction that values LBAC at $282.5 million.
Long Beach Acceptance Corp. provides automobile financing to customers with near-prime credit scores by acquiring retail installment contracts from auto dealers in 34 states. As of Sept. 30, 2006, it had approximately $1.7 billion in managed auto receivables. The Company was founded in 1995 and is headquartered in Paramus, N.J., with a western regional office in Orange, Calif.
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