Evidently the investment world isn’t completely sour on subprime auto financing despite what’s transpired in the industry segment recently.

On Wednesday afternoon, Global Lending Services (GLS) announced it has entered into a definitive agreement to be acquired by Sixth Street, a global investment firm.

According to a news release, chief executive officer Steve Thibodeau and GLS’s management team will continue to lead the company.

Terms of the transaction were not disclosed.

For more than a decade, GLS has served more than 1 million customers and works with more than 19,000 dealerships nationwide across its multichannel origination strategy.

Thibodeau highlighted the company is backed by a robust leadership team with an average of 20 years of industry experience, as well as a range of institutional partners.

“This acquisition and partnership marks a transformative step in GLS’s growth journey, and we are thrilled to have found an experienced partner in Sixth Street to help fuel our next chapter,” Thibodeau said in the news release. “Our mission has always been focused on our customers, and we are confident that with Sixth Street’s scale, resources, and deep expertise in ABF (asset backed finance), we will be even better positioned to serve our customers across the country.

“We believe transportation should be more accessible and affordable, and we look forward to working with our new partners to execute on our long-term growth plans,” he continued.

Michael Dryden is partner and head of asset based finance at Sixth Street, which was founded in 2009 and has $115 billion in assets under management and committed capital.

“In a highly fragmented auto financing market, GLS stands out for its robust operational capabilities, disciplined risk management, strong capital base, and demonstrated track record of serving its customers,” Dryden said. “We are thrilled to partner with Steve and the highly experienced management team to continue to build on the company’s already strong momentum in the market.”

Goldman Sachs & Co. LLC and Wells Fargo are serving as the financial advisors and K&L Gates LLP is serving as legal advisor to GLS.

JPMorgan Securities LLC is serving as financial advisor and Simpson Thacher & Bartlett LLP and Mayer Brown LLP are serving as legal advisors to Sixth Street.