Synchrony to acquire Allegro Credit
Synchrony (NYSE: SYF) today announced that it has entered into a definitive agreement to acquire Allegro Credit, a leading provider of consumer point-of-sale financing for audiology products, dental services and musical instruments .
Allegro Credit’s merchant network and customer base will largely join CareCredit, Synchrony’s health and wellness funding platform. This acquisition advances Synchrony’s growth and diversification strategy and accelerates its cutting-edge digital innovation, expanding choice at the point of sale for its suppliers, merchants and customers.
For its core product offering in the booming audiology market, Allegro Credit offers extensive title loans options with flexible point-of-sale payment terms through a network of 3,200 merchants.
“Throughout its history, Allegro Credit has built a reputation for service excellence and innovation,” said Beto Casellas, CEO of CareCredit, a Synchrony solution. “Its healthcare financing products help people live fuller, healthier and happier lives with payment plans that make it easier for our clients to get the care they need and need. need. Our businesses are highly complementary, and this acquisition will enhance the scope of the offering and the depth of CareCredit’s expertise. ”
“It was essential to join a company that shared our cultural values, our growth goals, our spirit of innovation and our commitment to our merchants and customers,” said David Parsons, President and CEO of Allegro Credit . “We see an incredible opportunity to amplify our innovative differentiated offerings through the network, reach and scale of Synchrony and CareCredit. This agreement will help us accelerate the ability to improve people’s lives with the health treatments they need or to capture our customers’ passions with music products.
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2021. Financial conditions were not disclosed; the transaction is not expected to have a material impact on Synchrony’s financial results.