TDR partially exits Lowell to OTPP

According to Sky News, OTPP has acquired more than 35% of Lowell in a deal that values the company at around $1.6bn.

Under TDR’s tenure, Lowell acquired Interlaken Group, owner of the Fredrickson International brand, in May 2013.

In March this year, Lowell issued senior secured notes worth £115m in order to repay senior debt and fund further growth. The group had previously increased its revolving credit facility from £40m to £55m in January last year.

Lowell expanded its management team in November 2012, appointing HSBC’s Colin Storrar as CFO and Thomas Cook’s Gary Edwards as chief information officer.

The company set up operations in Preston in 2011 to support its Leeds headquarters. Two years later Lowell increased the size of its Preston team from 20 to 30 before moving into an expanded headquarters and northern operations centre in Leeds earlier this year.

Previous funding
TDR acquired Lowell in an SBO from Exponent Private Equity in June 2011 via the DR Capital II fund.

Exponent acquired the company in April 2008 from Cabot Square Capital, in a deal believed to have been worth between £150-200m. GSC Group and DE Shaw & Co provided £30m of mezzanine financing to fund the transaction while a syndicate comprising Europe Arab Bank, Lloyds TSB Corporate Markets and nabCapital provided a £100m three-year senior facility.

Company
Founded in 2004, Leeds-headquartered Lowell is a debt purchasing specialist. The company has more than 14 million individual accounts with a face value of £12bn. 

In Lowell’s most recent financial results, it announced EBITDA of £117m for the year to March 2014, a year-on-year increase of 8%.

People
Jonathan Rosen is a partner at TDR. James Cornell is the CEO of Lowell.

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