TowerBrook Capital Partners (“TowerBrook”), the London and New York-based international investment firm, has announced that it will acquire Premium Credit Limited from Cinven, the international private equity firm, in a transaction to be completed later this year.
Premium Credit will maintain a business-as-usual approach throughout the sales process and its transition into new ownership with uninterrupted provision of its multi award winning, premium finance and specialist lending payment solutions to its community of brokers and customers.
Commenting on the acquisition, Joseph Knoll, Managing Director at TowerBrook, said: “We are very excited to have agreed to acquire Premium Credit, a high-quality business with strong prospects for continued growth. We have been hugely impressed by the company’s technology platform, best-in-class management team and successful diversification into new product areas, and we believe that TowerBrook is well-placed to support Premium Credit with its next chapter of growth and success.”
Rebecca Abrey, Principal at Cinven, said: “Under Cinven's ownership, Premium Credit has benefited from significant investment in its digital capabilities and technology infrastructure, strengthening its client service proposition and leaving the business well positioned to continue to succeed in the future.”
Tara Waite, CEO, Premium Credit, added: ”Cinven’s support has allowed Premium Credit to deliver a once-in-a-generation upgrade in the technology platform that sits at the heart of our payments solutions business. As a consequence, the business has increased significantly its market leading position, through a truly differentiated, tech- enabled proposition for customers and partners.
“We are delighted to have the opportunity to partner with TowerBrook in the years ahead. TowerBrook has an impressive history of investing in financial services companies, is a leader in responsible ownership, and has a dual capability of an investment team and internal Portfolio Group to help us create value. It is clear from our discussions over recent months that they will bring significant expertise to help Premium Credit go from strength to strength. We look forward to working closely with them to realise our shared ambitions for the business.”
The transaction is expected to close in the second half of 2022 and is subject to customary regulatory and antitrust approvals.