A regional subprime auto finance company in the Southeast became a little bigger last week.

North State Acceptance, a portfolio company of Fourshore Partners, announced a portfolio acquisition from an unnamed lender but one classified as a “premier” specialty finance company that provides auto and personal loans throughout eastern North Carolina.

According to a news release, the transaction was led by Jim Ratcliff and David Farmer at NSA and by Pedro Freyre and Milos Milosevic at Fourshore Partners, which acquired North State in March 2020 from Pine Tree Equity Partners for undisclosed financial terms.

North State Acceptance is a specialty finance company headquartered in Raleigh, N.C., with branches in North Carolina, South Carolina and Tennessee. The company works directly with independent auto dealerships across these states by offering flexible and competitive financing plans.

Fourshore Partners is a Miami-based private equity firm that focuses on lower middle market buyouts in the U.S. and Caribbean.

Along with auto financing, NSA also offers direct consumer loans.

Led by long-term industry veterans, North State said it utilizes a business model that leverages branch locations to ensure rigorous underwriting, efficient servicing and collections, and attractive asset and financial performance through multiple economic cycles.

“This loan portfolio acquisition gives us an opportunity to expand our offering to the Shallotte and Morehead City areas and expand our network in a highly attractive geography,” said Ratcliff, who is CEO of NSA.

“NSA is looking forward to partnering with the high quality and experienced associates that came with the portfolio in continuing to provide the world class service that NSA has offered to its customers since 1997,” Ratcliff continued.

Akerman LLP served as legal counsel to NSA and Fourshore. Banc of California, NSA’s senior lender, provided the financing for this transaction.