Blackstone hires help for potential $1bn Exeter Finance exit

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Blackstone Group has reportedly hired investment banks to look in to a sale or IPO for its long-held portfolio business Exeter Finance.

The Texas based auto lender is expected to be valued over of $1bn according to sources in a Reuters report. Two other sources have said the firm is hoping to sell the business to a bank or specialist lender, rather than a PE firm. So far Blackstone has reached out to three potential buyers.

Exeter was founded in 2006 and provides debt to consumers with imperfect credit history.

The buyout major had tapped its BCP VI fund to make a $277m investment in the business back in 2011, in a buyout from Navigation Capital Partners. Blackstone went on to pull in $18bn for the vehicle at its final close four years later.

Earlier this month, the PE major agreed to buy business process outsourcing company TaskUs in a deal that values the company at over $500m.

In June Blackstone secured almost $10bn of new capital targeting the Asian markets by closing a pair of new funds.

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