Towerbrook sells Capquest to Arrow for £158m

The transaction is subject to the approval of Arrow's shareholders. Following the deal, the combined entity will have combined receivables under management of £15.4bn.

Arrow is financing the deal through cash resources and debt with committed bridge financing from Goldman Sachs.

Under Towerbrook's stewardship, Capquest's management team was bolstered through the hires of CEO Helen Ashton as well as several further senior appointments.

Previous funding
Towerbrook acquired a majority stake in Capquest in August 2011.

Company
Established in 1985, Capquest acquires, and seeks to recover, consumer debt. The company acquires debt from various lenders, including banks, credit card companies, stores and catalogue retailers. Capquest also manages debt portfolios for several UK financial institutions, high street lenders, utilities and consumer credit companies. The business had 2.8 million customer accounts with a face value of £4.1bn as of 30 June 2014.

Capquest employs 385 staff across its offices in Farnborough and Glasgow. For the year to 30 June 2014, Capquest recorded gross assets of £157.7m, a loss before interest and tax of £1.9m and a loss before tax of £21.5m.

People
Helen Ashton is CEO of Capquest. Tom Drury is CEO of Arrow. Gordon Holmes is managing director of Towerbrook.

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• Topics
• UK / Ireland
• Exits
• Towerbrook Capital Partners
• United Kingdom