Trading house Mitsui & Co. said Tuesday it will buy U.S. auto loan firms Affiliated Financial Corp. and BayQuest Capital Corp. with an aim to enhance its businesses in the United States.
Mitsui has signed an agreement with the owner group of the two companies, both based in Sunrise, Fla., enabling its U.S. subsidiary, Mitsui & Co. (U.S.A.) Inc., to acquire a total of 87.5 percent of the shares in the two, the Japanese company said.
The AFC group’s founder, Douglas Jacobs, who is to retain a minority stake, will remain as president and chief executive officer even after the transaction.
Mitsui said the acquisitions are expected to enhance its automotive-related businesses in the United States, including logistics and auto parts and retail finance.
The AFC group purchases, sells, securitizes and services retail automobile installment contracts originated by franchised and select independent dealers in about 40 U.S. states.
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