Fenwick & West Represents Lending Club in Acquisition of Springstone Financial

April 21, 2014

Fenwick & West represented Lending Club Corporation, one of the nation’s leading online credit marketplaces, in its acquisition of Springstone Financial, LLC, provider of affordable financing options for consumers looking to finance private education and elective medical procedures through a network of over 14,000 schools and healthcare providers for a total consideration of $140 million in cash and stock.  As part of the financing of this transaction, Lending Club has closed a $65 million equity capital round, which included funds and accounts managed by T. Rowe Price Associates, Inc., Wellington Management Company, LLP, BlackRock and Sands Capital.  An additional $50 million was raised through debt financing to fund the acquisition.

The Fenwick teams for the three related transactions included, for the equity financing, Cindy Hess, Philip Reuther and Cynthia Kaneshiro; for the acquisition, Andrew Luh, Ken Myers, Luis Bacalao and William Black, with executive compensation and employee benefits attorneys Shawn Lampron, Marshall Mort and Patrick Grilli, technology transactions attorney Darren Hutchins, and tax attorney William Skinner; and for the debt financing, David Michaels, Malcolm Katz and Seth Oranburg.