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Liberty Tax/LoanMe Deal Closes

NextPoint Acquisition Corp. has closed its acquisition of Liberty Tax and LoanMe.  The special purpose acquisition corporation i now operating as NextPoint Financial with its shares trading on the Toronto Stock Exchange.

NextPoint acquired Liberty, whose network prepares tax returns, from the Franchise Group. The also receiving funding through a private placement with the previously announced $25 million increased to $112.6 million.

The Vancouver, B.C.-based company plans to roll out LoanMe’s personal and business loans through Liberty locations. NextPoint chairman Andy Neuberger said loans "are already available through many company-owned and franchised locations and ”this will be complemented by an expanded offering that will include near prime loans, mortgages, insurance products, bookkeeping and other ancillary services.”

The Franchise Group was named adopted by the publicly traded Liberty Tax after it began acquiring unrelated franchise companies. Eventually, the tax store operations were dwarfed by the non-tax holdings.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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