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GTCR part of group buying Ford lender; Automaker: Subprime unit no longer a core part of its financing biz.(News)(GTCR Golder Rauner LLC)(Brief Article)
Crain's Chicago Business, March, 2005 by Wilson, Amy
Byline: AMY WILSON Crain News Service Ford Motor Co. is selling its subprime lending unit, Triad Financial Corp., to a group of investors including Chicago buyout group GTCR Golder Rauner LLC. Ford decided to sell the unit last fall and struck a preliminary deal in December. The pending sale was disclosed this month in Ford's 10-K filing with the Securities and Exchange Commission.
It did not disclose the purchase price. The buyers are Gerald J. Ford of Dallas, who is not related to the automaker's founding family; Goldman Sachs Group Inc. of New York, and GTCR, a Ford Credit spokeswoman says. Ford, which expects the sale to close by June 30, says California-based Triad is no longer a core piece of its lending business. "The reason it is for sale is...
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