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Pronto! is a leading consumer credit company in Uruguay.

Acquired from a group of local individual investors in February 2007, the company provides consumer loans to low- to middle income individuals through a network of 36 branches covering the entire country. It also recently launched a credit card business through an agreement with Cabal, a local credit card. With more than 75,000 active customers, Pronto! provides an average of 10,000 new loans per month and has expanded its loan portfolio nearly 250% a year over the last two years.

A solid, well-managed enterprise, the company provides an excellent foundation from which to build a business of significant scale in the Uruguayan consumer credit market. Advent analyzed a large number of companies in this sector and found Pronto! to have one of the strongest platforms in terms of management, credit scoring, databases, distribution network and compliance.

Growth prospects for the consumer credit market in Uruguay are strong, driven by the country’s continued economic expansion. After a long recession, the economy has recovered strongly, with GDP increasing an average of over 7% a year from 2003 to 2006 and 5% growth forecast for 2007. Additionally, only 30% of the population currently borrows from banks, offering significant opportunity for further growth in consumer credit. Total consumer credit volume is expected to increase more than 45% over the next two years to US$1.9 billion in 2008.

Co-investing with Advent in Pronto! is Argentina’s Grupo de Servicios y Transacciones (GST), a diversified financial services group, which is participating on the company’s board of directors. As part of the agreement, Advent and GST are injecting new capital into Pronto! to fund its continued growth and enable the company to secure more attractive funding for its loan business. 



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