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IRVING, TX-Affiliates of New York-based JLL Partners, an 18-year-old private equity investment firm, have acquired Irving, TX-based Ace Cash Express Inc. in a stock deal valued at $455 million. Each share of Ace common was converted into the right to receive $30 in cash without interest.

Under the merger terms, Ace will continue to operate under the Ace Cash Express Inc name as a wholly owned subsidiary of Ace Holdings 1 LLC, a newly formed affiliate of JLL. Jay B. Shipowitz will continue as Ace’s president and CEO. Frank Rodriguez, a managing director of JLL Partners, calls Ace “a market leader” in the retail financial services industry.

Ace stock ceased to trade on the Nasdaq Global Market Oct. 5 and was delisted. Mellon Investor Services LLC was named disbursing agent for the merger transaction.

On June 30 of this year, Ace had a network of 1,573 stores in 38 states and the District of Columbia. The network consisted of 1,353 company-owned stores and 220 franchised stores. Besides financial services, JLL has invested in building, medical and consumer products, healthcare and business services, chemicals, broadcasting, transportation and automotive industries.

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