LOUISVILLE, KY – Ridley Capital Group announced today that Fort Knox Financial Services Corporation (Fort Knox) completed the previously announced sale of substantially all assets and liabilities of Fort Knox and its subsidiary, Tax Product Services, LLC (TPS), to MetaBank, a subsidiary of Meta Financial Group, Inc. The assets acquired by MetaBank in the acquisition include the Fort Knox operating platform and trade name, Refund Advantage, and other assets. The Fort Knox management and staff have also been hired by MetaBank, and the operations of the Fort Knox business will continue to be based in Louisville, KY. Ridley Capital Group served as advisor to Fort Knox.
The acquisition, which was first announced on July 16, 2015, was consummated following satisfaction of certain closing conditions, including receipt of regulatory approval. The purchase price for the acquisition included the payment of approximately $26 million in cash as well as the issuance of 581,260 shares of the Company’s common stock to the shareholders of Fort Knox. The cash portion of the purchase price was funded from the proceeds of the previously announced private placements of the Company’s common stock to certain institutional investors.
Shawn Ridley, Managing Partner of Ridley Capital Group, commented: “We’re delighted with the specifics of the transaction and believe MetaBank is a perfect fit to scale the Refund Advantage platform.”
Ridley Capital Group is a Louisville, Kentucky based private investment and advisory firm focused on financial services and consumer products that enhance the human experience through natural, organic or environment-friendly applications.