Veritex Holdings Acquires North Avenue Capital

September 21, 2021

Veritex Holdings, Inc. will acquire North Avenue Capital, LLC via a newly formed subsidiary of Veritex Community Bank, making NAC a wholly owned subsidiary focused on USDA B&I lending. Veritex will pay $57.5 million in cash (with a potential $5 million earnout) and expects the deal to close in Q4 2021 to expand its USDA lending capabilities and leverage NAC's loan sourcing technology.

Buyers
Veritex Holdings, Inc., Veritex Community Bank (newly formed subsidiary)
Targets
North Avenue Capital, LLC
Sellers
Existing shareholders of North Avenue Capital, LLC
Location
Florida, United States
Transaction Type
Buyout

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