Electra Partners et al. back SAV in Citigroup portfolio purchase
Electra Partners has injected additional capital into portfolio company SAV Credit for its acquisition of a £825m credit card portfolio from Citigroup, alongside other backers Palamon Capital Partners, Morgan Stanley Alternative Investment Partners and new investor Varde Partners.
The value of the deal is undisclosed.
SAV Credit is a specialist credit card provider. The company was founded in 2001 to develop the aqua credit card for the UK non-prime market. The acquisition provides SAV with an additional 540,000 credit card customer accounts, effectively doubling the company's total number of customers to more than one million.
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