Stellantis N.V. (“Stellantis”) is pleased to announce completion of the acquisition of F1 Holdings Corp., parent company to First Investors Financial Services Group (“First Investors”), from an investor group led by Gallatin Point Capital LLC. The acquisition, previously announced on September 1, 2021, closed today at the agreed upon conditions and within the period indicated at signing.
First Investors, which has been renamed Stellantis Financial Services US Corp., will be the foundation for Stellantis to grow a full-service captive finance arm. Stellantis Financial Services will provide U.S. customers, dealers and partners with a complete range of financing options in the near-to-medium term, including retail loans, leases and floorplan financing.
“With the acquisition of First Investors, we will quickly develop a captive financial arm in the United States, offering a complete range of products, for the benefit of our customers, our dealers, our brands and our shareholders,” said Philippe De Rovira, Chief Affiliates Officer for Sales Finance, Used Cars, Parts and Service and Retail Network.
“Acquiring First Investors supports the growth plan for Stellantis’ business in the United States,” said Richard Palmer, Chief Financial Officer of Stellantis. “This is a key strategic move to further extend our financial performance and create long-term value for Stellantis shareholders.”
“Enhancing customer experience is at the core of our mission,” said Tommy A. Moore Jr., CEO of Stellantis Financial Services US Corp. “Moving forward, we will leverage the strong commercial business in the United States to provide financing across the whole range of customers while looking to new emerging growth strategies, including mobility services, to expand our portfolio beyond the traditional vehicle sale.”
The executive management team, with an average tenure of 18 years in the financial industry, is expected to remain in place.
SOURCE: Stellantis
