Private equity firm AnaCap announced yesterday it had agreed to sell British consumer debt collector Cabot Credit Management (CCM) to U.S. investment firm JC Flowers.
JC Flowers, headed by investment manager Christopher Flowers, has been actively looking for investments in the British financial services industry, having established a small UK banking business through its acquisition of the Kent Reliance building society two years ago.
Financial details for the Cabot deal were not disclosed but the Financial Times had reported the price would be around 800 million pounds ($1.2 billion) including debt.
CCM, formed through the merger of Apex Credit Management and Cabot Financial in 2011, has 7.7 billion pounds of assets under management covering more than 3.5 million customer accounts. Last year, it grew its annual earnings by 23 percent to 111 million pounds.