GTCR acquires Premium Credit

GTCR invested alongside the existing management and new CEO Andrew Doman, who joined the business following the transaction.

The funding was used to recapitalise the company and further invest in its technology and service offerings. The GP also plans to make further acquisitions and look into geographic expansion opportunities in Europe and North America.

Debt
The transaction was supported by a long-term financing facility provided by Barclays Capital, Lloyds Banking Group, Deutsche Bank, HSBC and Société Générale.

Company
Founded in 1988, Premium Credit operates through its headquarters in Epsom and a second office in Dublin. The company provides payment financing services to insurance firms, professional fees, school fees, membership subscriptions and other commercial services.

Premium Credit participates in processing and funding around 22 million transactions annually, valued at approximately £3bn. It serves around two million customers.

People
Collin Roche is managing director at GTCR.

Advisers
Equity – Barclays Capital (Corporate finance); Kessler Group (Corporate finance); Kirkland & Ellis (Legal); Mayer Brown International (Legal).

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