Finance of America Firms to Turn into Publicly Traded Subsequent Accomplished Transaction with Replay Acquisition Corp.
Finance of The usa Equity Funds LLC (“Finance of The usa” or the “Business”), an stop-to-finish lending and expert services platform, and Replay Acquisition Corp. (NYSE: RPLA) (“Replay Acquisition”), a publicly traded distinctive purpose acquisition company, these days introduced the completion of their beforehand introduced transaction to acquire Finance of The usa public. The put together business is named Finance of The us Companies Inc., and its prevalent stock and warrants will start out buying and selling Monday, April 5, on the New York Inventory Exchange (“NYSE”) underneath the ticker symbols “FOA” and “FOA.WS,” respectively.
Finance of America Companies Inc. (“FOA”) enters the general public marketplaces as a extremely differentiated, diversified purchaser lending platform that is capable of providing cycle-resistant earnings. Its lending firms are supported by robust, uncorrelated secular tailwinds and consist of home loans, reverse mortgages and industrial loans provided across distributed retail, 3rd-occasion brokers and digital direct-to-purchaser channels. FOA not long ago launched a complementary residence improvement personal loan vertical with the acquisition of Renovate America’s Benji®business, further more boosting its skill to meet up with consumers’ money requirements at every single stage of their life. In addition to its lending organizations, FOA has a price-for-company small business as perfectly as a portfolio administration small business that consists of a broker-seller and a registered investment decision adviser. These company strains more broaden FOA’s earnings streams and provide many avenues of advancement. FOA is nicely positioned to proceed to broaden organically by introducing impressive new goods – as demonstrated with the latest launch of EquityAvail™ – and inorganically by effectively obtaining, integrating and optimizing enterprises on its system.
The effective closing of the transaction follows FOA putting up yet another quarter of sturdy economic and operating effectiveness throughout its many traces of business enterprise. FOA’s fourth quarter success for the period of time finished December 31, 2020, drove document full-calendar year efficiency of $500 million in pre-tax cash flow that represented 541% year over 12 months expansion and exceeded the superior-finish of the company’s direction vary. These success even further show the electric power of FOA’s diversified system, the desire for its merchandise across its addressable marketplaces, and the effectiveness of its asset and funds light organization design.
“We are thrilled to enter our next chapter of development as a publicly traded firm and appear ahead to capitalizing on the a lot of opportunities in advance of us,” claimed Patricia Prepare dinner, CEO of FOA. “Our worth proposition is genuinely distinctive presented our established capacity to innovate and supply complementary monetary alternatives that people want and investors benefit. These attributes really should keep on to supply us with a sustainable aggressive edge. Today’s milestone would not be achievable with no the aid of anyone on our workforce who has worked diligently and passionately to advance our mission.”
Brian Libman, Chairman and Founder of FOA, stated, “What began 8 several years in the past as a novel plan to reinvent the traditional finance corporation product has culminated in the sustained growth of a a person-of-a-variety, end-to-close buyer lending system that is capable of assembly the full array of borrower desires although at the same time offering potent returns for investors. I am very pleased and humbled to get to this position in Finance of America’s evolution, and continue to be as committed as at any time to advancing the company’s strategic priorities.”
Edmond Safra, Co-CEO of Replay Acquisition, commented, “With its wide suite of solutions, multi-channel distribution community, unparalleled monitor record of innovation and outstanding economic performance, Finance of The us stands out among its monoline field friends. Benefiting from several progress vectors, Finance of The usa is redefining purchaser lending in a way that must go on to provide persuasive value to consumers and buyers alike more than the extended-expression.”
Ms. Prepare dinner will carry on to direct FOA with the aid of the company’s hugely skilled administration group. The present-day proprietors of FOA, which include things like administration, entities managed by Mr. Libman, and resources managed by Blackstone Tactical Options, will very own close to 80% of the combined corporation.
Simpson Thacher & Bartlett LLP acted as legal advisor to Finance of The usa. Credit history Suisse Securities (Usa) LLC acted as money marketplaces advisor to Replay Acquisition. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as guide placement agents and Credit Suisse Securities (United states) LLC served as placement agent for the PIPE. Greenberg Traurig, LLP acted as authorized advisor to Replay Acquisition.
Added info about the completed transaction will be delivered in a Current Report on Variety 8-K to be submitted by FOA with the Securities and Exchange Fee and out there at sec.gov.
About Finance of The united states Firms
Finance of The usa is a diversified, vertically integrated consumer lending platform. Solution offerings involve mortgages, reverse mortgages, and financial loans to household actual estate traders distributed across retail, 3rd bash network, and digital channels. In addition, Finance of The us provides complementary lending companies to improve the customer working experience, as perfectly as money marketplaces and portfolio management capabilities to improve distribution to investors. The Enterprise is headquartered in Irving, TX, and is a portfolio enterprise of the major international asset supervisor, The Blackstone Group. The organization is detailed on the NYSE underneath the ticker symbol “FOA.” For much more information, you should visit www.financeofamerica.com.
About Replay Acquisition Corp.
Established by Edmond Safra, Gregorio Werthein and Gerardo Werthein, Replay Acquisition Corp. was shaped for the function of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar organization combination with one particular or extra companies on industries that it thinks have favorable prospective clients and a substantial likelihood of making solid chance-adjusted returns for its shareholders. www.replayacquisition.com
Ahead-Wanting Statements
This push launch contains “ahead-seeking statements” inside of the meaning of the “harmless harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Replay Acquisition’s and FOA’s precise results might differ from their expectations, estimates, and projections and, as a result, you really should not count on these forward-searching statements as predictions of long run activities. Terms such as “assume,” “estimate,” “task,” “spending budget,” “forecast,” “anticipate,” “intend,” “prepare,” “may well,” “will,” “could,” “ought to,” “believes,” “predicts,” “possible,” “go on,” and identical expressions (or the unfavorable variations of these terms or expressions) are supposed to identify these kinds of ahead-on the lookout statements.
Every of Replay Acquisition and FOA cautions viewers not to position undue reliance upon any forward-searching statements, which speak only as of the day made. Each individual of Replay Acquisition and FOA does not undertake or settle for any obligation or undertaking to launch publicly any updates or revisions to any forward-searching statements to replicate any improve in its expectations or any alter in functions, problems, or situation on which any such assertion is based.
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Contacts
For Finance of The us Media: [email protected]
For Finance of America Investor Relations: [email protected]
For Replay Acquisition Corp.: [email protected]