UK - Palamon and Electra-backed SAV Credit makes £385m acquisition

Palamon Capital Partners and Electra Private Equity-backed SAV Credit Ltd has acquired HSBC's marbles and Beneficial branded credit card portfolios for £385m. SAV was founded in 2001 as a provider of credit cards to consumers overlooked by mainstream financial advisers. The acquisition consists of 338,000 customer accounts and was funded by a new debt facility provided by Royal Bank of Scotland and additional financing from existing backers Palamon, Electra and Morgan Stanley Alternative Investments.