Synchrony (NYSE: SYF) today announced it has reached a definitive agreement to acquire Allegro Credit, a leading provider of point-of-sale consumer 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 financing platform. The acquisition advances Synchrony's growth and diversification strategy and accelerates its industry leading digital innovation, expanding choice at the point-of-sale for its providers, merchants and customers.
For its primary product offering in the fast-growing audiology market, Allegro Credit offers numerous loan options with flexible payment terms at the point of sale 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, CareCredit, a Synchrony solution. "Its healthcare financing products help people live fuller, healthier and happier lives through payment plans that make it easier for our customers to get the care they want and need. Our businesses are very complementary, and this acquisition will enhance CareCredit's scale of offerings and depth of expertise."
"It was essential to join a company that shares our cultural values, growth objectives, innovation mindset and commitment to our merchants and customers," said David Parsons, President and CEO, Allegro Credit. "We see an amazing opportunity to amplify our differentiated innovative offerings through Synchrony and CareCredit's network, reach and scale. This deal will help us accelerate the ability to improve people's lives through the healthcare treatments they need or capture our customer's passions with music products."
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2021. Financial terms were not disclosed; the deal is not expected to have a material impact on Synchrony's financial results.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.
For more information, visit www.synchrony.com and Twitter: @Synchrony.
About CareCredit
CareCredit, a Synchrony solution, is a leading provider of promotional financing to consumers for health, veterinary and personal care procedures, services and products. For more than 30 years, CareCredit has helped millions of people by offering special financing options with convenient monthly payments. CareCredit is accepted at more than 240,000 locations for a wide variety of health and wellness procedures, treatments, products and services. More information can be found at carecredit.com.
About Allegro Credit
Allegro Credit is a leading consumer financing company based in Burlingame, California. The company services 3,200 merchant providers in industries including hearing, dental, hospitals, vision, and musical instruments. With more than 50 years in the finance industry, Allegro Credit has built a brand by supporting merchant partners with consumer-friendly products, high approvals and custom financial products. Allegro Credit's dedication to innovation helps partners accelerate revenue with fast credit decisions, easy to use software, live customer service and high approvals. Allegro Credit's onshore patient service representatives consistently earn the industry's highest marks for service and satisfaction. Learn more at www.allegrocredit.com
