CLEARWATER, Fla., April 30, 2019 (GLOBE NEWSWIRE) -- Nicholas Financial, Inc. (NASDAQ: NICK) announced that the Company acquired substantially all of the assets of ML Credit Group, LLC. Metrolina provides automobile financing to consumers by direct loans and through purchases of retail installment sales contracts originated by automobile dealers in the states of North Carolina and South Carolina.

“We are very pleased to announce the Company’s acquisition of Metrolina. Metrolina’s local focus in North Carolina and South Carolina nicely complements our existing automobile financing program,” said Doug Marohn, President and CEO of the Company. “Having been the CEO of Metrolina Credit Company for four years from 2014 through 2017, I am very versed in their operations, personnel and culture. We are excited to be consolidating our two companies that are so well aligned in many aspects,” continued Marohn. “This transaction brings scale to our existing operations in the Carolinas by adding over 3,000 accounts and over $22 million in net receivables.”

Alt Ridge Capital, LLC and LEHNS Capital Advisory, LLC served as financial advisor and Dechert LLP served as legal counsel to the Company in connection with the acquisition of Metrolina. Metrolina was a portfolio investment for Comstock Capital & Advisory Group, LLC and other investors. Barnes & Thornburg, LP served as legal advisor to Metrolina.