Mitsui & Co., Ltd. and its wholly owned subsidiary, Mitsui & Co. (U.S.A.), Inc., (collectively “Mitsui”) announced the signing of definitive agreements pursuant to which Mitsui & Co. (U.S.A.), Inc. will acquire 87.5% of the shares of privately held Affiliated Financial Corporation and BayQuest Capital Corporation (collectively, “AFC”), headquartered in Sunrise, FL. The selling group is comprised of companies’ founder, Douglas J. Jacobs, who will retain a minority stake and remain as President & CEO after the transaction closes, and other individual shareholders. The acquisitions are subject to regulatory review and successful finance arrangements.
Florida-based AFC purchases, sells, securitizes and services retail automobile installment contracts originated by franchised and select independent dealers in approximately 40 states. Through its loan purchases, AFC serves as a source of financing for more than 4,000 dealerships, providing financing to consumers indirectly.
Mitsui, a diversified global trading, investment and service company, has considerable experience in automotive-related businesses worldwide, including logistics, assembly, distribution, dealerships, automotive parts and retail finance. These acquisitions are intended to enhance Mitsui’s automobile value chain in the U.S.