Easterly’s Acquisition of JH Capital

Skadden has advised JH Capital Group Holdings, LLC on the deal

JH Capital Group Holdings, LLC and Easterly Acquisition Corp. have entered into a definitive investment agreement, whereby Easterly will acquire JH Capital and be renamed JH Capital Group Holdings, Inc. This transaction is expected to enhance JH Capital Inc.’s competitive position significantly, accelerate its strategic development and cement its long-term growth in providing end-to-end solutions throughout the consumer credit lifecycle.

In the transaction, which is subject to customary closing conditions and approval by Easterly’s stockholders, Easterly will acquire a controlling equity interest in JH Capital. Upon completion of the transaction, JH Capital Inc. will trade on the NASDAQ stock exchange under the ticker symbol “JHCG.”

JH Capital’s management team will remain with JH Capital Inc. Once the transaction is closed, JH Capital Inc. will be led by: Norman Kravetz, Chairman; Douglas Jacobsen, Chief Executive Officer; Anthony Riggio, President; Glenn Corey, Chief Financial Officer; and Christopher Raymond, Chief Risk Officer. Members from the existing boards of both Easterly and JH Capital will serve on JH Capital Inc.’s board of directors. The current owners of JH Capital will retain a substantial equity stake in JH Capital Inc. and are not selling any of their shares as part of the transaction.

Skadden advised JH Capital on the deal with a team including Sven Mickisch (Picture); Corporate Finance partner Gregory Fernicola; M&A, SEC Reporting & Compliance partner Brian Breheny (Washington, D.C.); Tax partner Steven Matays; Financial Institutions associate Matthew Nemeroff; and Tax associate Alec Jarvis. All of the attorneys are based in New York unless otherwise noted.

Involved fees earner: Sven Mickisch – Skadden Arps Slate Meager & Flom; Gregory Fernicola – Skadden Arps Slate Meager & Flom; Brian Breheny – Skadden Arps Slate Meager & Flom; Matthew Nemeroff – Skadden Arps Slate Meager & Flom; Steven Matays – Skadden Arps Slate Meager & Flom; Alec Jarvis – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: JH Capital Group Holdings LLC;

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Author: Ambrogio Visconti