Realized Investments
Ace Cash Express, Inc.
Ace Cash Express (NASDAQ: AACE) is the largest owner and operator of check-cashing stores in the United States and provides a full range of retail financial services in its markets. Based in Irving, Texas, Ace generated revenues of over $300 million and $50 million in EBITDA in FY 2006.
Beginning with its purchase of Ace in 1987, CIC Partners guided the company through its IPO and a series of financings. These financings created access to additional capital to fuel the company's growth and provided liquidity for both the investor group and the management team.
In October 2006, Ace Cash Express was sold to an affiliate of JLL Partners. Over the course of the investment period, CIC Partners and its investors achieved a return in excess of 50 times from the original MBO.