Island Finance to be acquired by VRM Penzini Capital
Island Finance, considered Puerto Rico’s largest nonbank consumer financial institution, is set to enter a new stage of expansion following an agreement by J.C. Flowers & Co. to sell the company to VRM Penzini Capital.
The transaction is expected to close in December, pending regulatory approvals. Founded in 1959, Island Finance operates 47 branches and employs nearly 500 people across the island, offering consumer loans for home improvements, repairs, education, travel and emergency expenses.
The sale comes a little more than eight years after J.C. Flowers purchased the institution from Santander Financial Services Inc., as News is my Business previously reported.
Thomas Harding, managing director of J.C. Flowers, said the partnership helped Island Finance strengthen operations and modernize its structure.
“We’re grateful to have had the opportunity to partner with CEO Jeanette Villamil and the outstanding management team of Island Finance,” he said. “We’re proud to have had the opportunity to guide Island Finance through this recent chapter in its history of growth, consistent profitability and innovation. It has been an honor to help position Island Finance to serve the people of Puerto Rico long into the future.”
Villamil highlighted key milestones during J.C. Flowers’ ownership, including the company’s separation from Grupo Santander and completion of the first asset-backed securities transaction supported entirely by consumer loans originated in Puerto Rico.
“We’re pleased to be joining VRM Penzini Capital, which shares our strong customer-focused commitment and community-driven approach, as we embark on this exciting new chapter,” she said. “As a community-based lender, Island Finance will always strive to offer our customers the highest level of service and help Puerto Rican families find the right loan solution to reach their financial goals.”
Carlos Penzini, managing partner of VRM Penzini Capital, said the acquisition aligns with the firm’s long-term strategy.
“Island Finance is an iconic Puerto Rican institution that has supported families across the island for generations, and we are committed to building on that legacy,” he said. “This acquisition reflects our long-term commitment to Puerto Rico and expands our growing investments dedicated to strengthening the island’s economic future.”
