Goodwin Procter advised Bregal Sagemount in its $40 million equity investment in Open Lending, LLC. As part of the deal, the funds will be used to fuel further growth for Open Lending within the automated lending industry, and allow the company to accelerate its expansion among financial institutions, credit unions and regional banks.
Bregal Sagemount is a growth-focused private capital firm with $650 million in committed capital. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $8 million to $150 million per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business and consumer services, and financial technology / specialty finance.
Open Lending has built a strong platform through its flagship product, Lenders Protection, offering loan analytics, risk-based pricing, risk modeling and default insurance. Lenders Protection ensures profitable auto loan portfolios for financial institutions throughout the United States.
The Goodwin deal team was led by partners A.J. Weidhaas, Jared Spitalnick, associate Joshua Holt (Private Equity), partner Bill Weiss and associate Todd Pollak (Tax), with invaluable assistance from partner Joel Lehrer (Intellectual Property), counsel Jacqueline Klosek and associates Lauren McDermott (Privacy & Cybersecurity), James Mattus and Megan Juel (Employee Benefits), Eric Roth (Labor) and law clerk Yvonne Elosiebo (Corporate).
For more details on the transaction, please view the press release.