CHICAGO — CIVC Partners, a private investment firm, announced that its portfolio company, Honor Finance, has established a new funding facility with Wells Fargo Securities LLC.
This new facility provides a substantial increase in funding capacity to support the continuing successful expansion of the Evanston, Ill.-based specialty auto finance company. This new financing also will assist Honor in supporting its existing dealer relationships and in expanding into new states such as Florida, Kentucky and Tennessee while preserving the superior levels of service that Honor clients have come to expect, officials said.
"Wells Fargo has been a valued financing partner for CIVC and Honor since CIVC and management acquired Honor in October 2011," said Jim Collins, CEO and founder of Honor Finance. "This new and significant commitment from Wells provides Honor with capital to facilitate our continuing growth.
"We believe our relationship with CIVC and Wells Fargo will allow Honor to expand its products and services to a broader, national client base. There are exceptional opportunities in the market today, and we have the capital and resources to excel at meeting the needs of our dealer network and their customers.”
“Jim and his team are building an outstanding business, and we are proud of Honor’s ability to grow its credit facility with Wells Fargo for the expansion of its business nationally, while continuing to deliver the highest standards of customer service and integrity in the industry," said Dan Helle, a partner at CIVC.
Honor Finance originates, finances, and services automobile finance contracts for non-prime consumers. The company currently operates in twelve states.