Permira, the international private equity firm, announced today that a company backed by the Permira funds has entered into an agreement to acquire Lowell Group from majority shareholder TDR Capital. Terms of the transaction were not disclosed.
Lowell Group is a leading UK provider of credit management services specialising in credit management and data analytics. The Permira funds will merge Lowell Group with existing portfolio company GFKL, a leading provider of receivables management services in Germany, to create a leading pan-European credit management business. Ontario Teachers’ Pension Plan (Teachers’) and the management of Lowell Group will remain shareholders. The transaction, which is expected to close in the fourth quarter of 2015, is subject to certain regulatory approvals and customary closing conditions.
“We are delighted to have attracted backing from such a renowned global investor as the Permira funds. Furthermore, retaining investment from Teachers’ is a huge testament to our success to date and a strong endorsement to the potential of our future Group. Over the last four years under TDR ownership, Lowell has grown significantly to become one of the largest and most established debt purchasers in the UK, employing over 1,200 people. With this transaction, Lowell is embarking on its next phase of growth, both in the UK and to create a leading pan-European credit management business. We look forward to realising the many opportunities to share best practice and collectively grow a stronger combined Group with GFKL, a company we have held in high regard for some time.”
James Cornell, CEO
Tom Burton, Andrew Cox and Ross Wheeler from Jamieson advised the Lowell management team on their reinvestment alongside Permira.
