Payday Loan Company, ACE, Merges with JLL Partners Fund

Historical archive, first published 2006 — payday-lending laws and rates have changed since. Preserved for the record.

 
One of the better-known payday loan companies in the business, ACE Cash Express, Inc., announced today that it entered into a merger agreement with an entity formed by JLL Partners Fund V, L.P.

The deal is pursuant to which JLL Partners, ACE's Chief Executive Officer and certain members of ACE's senior management team would acquire all of the outstanding shares of ACE's common stock and shareholders of ACE will receive $30.00 per share in cash.

After the completion of the merger, ACE's Jay B. Shipowitz will continue in his role as President and Chief Executive Officer of the payday loan online service.