Duke Street sells Marlin to Cabot for £295m

The exit has generated a 3x money multiple and an IRR 42% for Duke Street.

CCM is backed by JC Flowers, which acquired the company from AnaCap Financial Partners in May 2013 for £800m.

Duke Street picked up a majority stake in Marlin for £12.5m in April 2010. Under the buyout house's stewardship the company has increased its portfolio to more than £2bn, managing collections of more than £7m each month.

In November 2012, Marlin secured an £80m three-year revolving credit facility from RBS and Investec. In 2013, the company secured additional funding through a £150m bond issue.

Company
Established in 2002, Marlin is a British speciality finance business based in Worthing. It focuses on acquiring non-performing unsecured consumer credit, including credit cards, unsecured personal loans, overdrafts and auto finance receivables from banks and other financial institutions.

The group employs 150 people in its offices in Worthing and London.

People
Peter Taylor is managing partner of Duke Street. Martin Dunphy is Marlin's founder and a major shareholder. The transaction sees Marlin's CEO Ken Stannard becoming CEO of CCM while its current CEO Neil Clyne is stepping down to pursue other interests.

Advisers
Company – Canaccord Genuity (Corporate finance); UBS Investment Bank (Corporate finance); Macfarlanes (Legal).

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• Topics
• Exits
• UK / Ireland
• Financials
• Duke Street
• JC Flowers
• AnaCap Financial Partners
• United Kingdom