Apex Credit Management Ltd (United Kingdom) - Nov 2007

unquote
01 November 2007

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AnaCap Financial Partners, a specialist financial services private equity investor, has acquired debt collection business Apex Credit Management Ltd from BCW Group Plc. There was no debt involved on the buyout which was facilitated by an auction process run by PricewaterhouseCoopers. The deal was structured as a management buy-in with AnaCap introducing new a new CEO. AnaCap was attracted to Apex as it believes demand for its services will continue to rise due increasing consumer credit levels and rising charge-off rates. AnaCap intends to back Apex to help it gain market share and also by developing its debt purchasing activities.

Company

Apex Credit was founded in 2000 and is based in Stratford-upon-Avon. It was acquired by BCW in 2005 to supplement its existing collections business focused on utilities, telephony and public sector debt recovery. A consumer debt collection agency, Apex operates exclusively in the financial services sector. Its operations are divided into three activities: contingency collection, early arrears collection support and debt purchase. Its clients include Royal Bank of Scotland, Lloyds TSB, HSBC, Bank of Scotland and Barclays. Apex has revenues of approximately £8m and employs 160 staff.

People

Finlay McFadyen led the deal for AnaCap. Peter Cartwright and Paolo Savini-Nicci join Apex’s board. Neil Clyne is the incoming CEO. He previously worked at GE Money.

Advisers

Equity - Biggart Baillie, Catherine Feechan (Legal)Vendor - PricewaterhouseCoopers, Shaun McNamee (Corporate Finance)

Sourced from: UK & Ireland unquote" 359 (Dec 2007)