It’s a full-circle moment for TrueCar and Scott Painter.

The company’s founder and former CEO is leading a group that plans to acquire the automotive digital marketplace. Upon close, Painter, who stepped down as  CEO in 2015, will return as CEO.

TrueCar announced Wednesday that it is going private through a deal in which Fair Holdings, Inc. — led by Painter — has agreed to acquire the company in an all-cash transaction.

The go-private deal is valued at $2.55 per share, representing an equity value of roughly $227 million.

A spokesperson said on behalf of TrueCar via email that the company’s board “a compelling price for shareholders” and that the $2.55 per share cash purchase price is roughly a 72% premium above where TrueCar’s price per share closed Tuesday.

Fair Holdings has told TrueCar that it is in talks with various financial and strategic investors to syndicate the financing of the deal with equity investments.

The group will likely include “seasoned leaders and institutions across automotive retail, finance, and technology,” TrueCar said, and plans to “reflect a unique blend of dealer, data, fintech, and mobility experience partners, united around a shared commitment to supporting TrueCar as the most transparent and trusted platform in auto retail.”

“Our decision to acquire TrueCar is driven by the strength of its network of 8,500 franchised and independent dealers, many of whom are among the most forward-thinking in the country,” Painter said in a news release. “These are dealers who know how to leverage technology, upfront pricing, and customer trust to serve buyers. I’ve always believed that partnerships and brand alignment are central to creating value for both dealers and customers, and this principle has long been at the heart of TrueCar’s offerings.

“TrueCar was created to add value and transparency to the car shopping experience, and that mission remains central to our plan,” continued Painter. “The syndicate that we are assembling would combine the best of the retail automotive, finance, and technology worlds. Together, we intend to bring capital, operating expertise, and a shared conviction in TrueCar’s future as a trusted platform that serves both consumers and dealers with fairness and transparency.”

TrueCar board of directors chair Barbara Carbone said: “Through this transaction, we are pleased to deliver compelling value to TrueCar stockholders. The Board unanimously approved this transaction after a thorough and careful evaluation of potential value creation opportunities, and we are confident it is in the best interest of TrueCar stockholders and other stakeholders.”

The agreement follows an extensive strategic review process the company began late last year. That process included talks with various strategic and financial counterparties, the company said.

The board oversaw the process and was assisted by external advisors. The board unanimously approved the transaction, which is expected close in the fourth quarter or early next year.

Current TrueCar CEO Jantoon Reigersman said, “This transaction is a win-win for TrueCar, our investors, our affinity partner network, Certified Dealers and car buyers. The proposed syndicate would bring deep operational experience, industry insight, and long-term commitment to innovation, which should help TrueCar in its next chapter. Today’s announcement is possible because of the hard work and dedication of our talented team, and I am confident the outstanding employees of TrueCar will continue to drive the company’s success.”