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Sparta To Acquire Assets Of Consumer Finance

Assets to be acquired include portfolio of performing motorcycle loans, cash, other assets

Sparta Commercial Services has signed a letter of intent to acquire the assets of a Denver-based consumer finance company.

The company said that the assets to be acquired include a portfolio of performing motorcycle loans in excess of $14m, inventory, cash and other assets. The transaction is expected to close by January 31, 2010.

Sparta said that the acquisition is subject to the completion of a definitive purchase/sale agreement, the company’s completion of due diligence, the receipt of audited financials, and certain other factors. The ultimate purchase price is subject to adjustment at closing based on the value and performance of the portfolio to be acquired.

Sparta is a New York-based, nationwide financial services company, offering financing and leasing products to consumers and retail powersports dealers, as well as a variety of commercial products for governmental agencies that require motorcycles and other equipment for law enforcement.