Leeds, UK-based Lowell Group, a large UK debt purchasing specialist, has been acquired by private equity firm TDR Capital and senior management for an undisclosed sum from Exponent Private Equity.
Lowell Group buys portfolios of consumer debts and then manages the recovery of those debts, working closely with its customers to help them resolve their financial difficulties.
Lowell Group’s Chief Executive James Cornell says: “We are delighted to be entering the next phase in Lowell’s development with the support of TDR Capital. TDR’s investment represents a resounding endorsement of Lowell’s success, built on the hard work, dedication and commitment of our team. TDR has a track record of building value in its portfolio companies and we are looking forward to forging a mutually successful partnership with them in the years ahead.”
Exponent Private Equity acquired Lowell Group in 2008. As at end August 2010, Lowell Group was servicing in excess of six million customer accounts. The company has established ongoing relationships with many of the UK’s leading debt sellers. Its portfolios include loan, credit card, store card, mail order, overdraft, retail bank and various lower balance debt types, including mobile phone debts.
Today Lowell Group employs more than 500 people at its headquarters in Leeds and customer contact centers in Leeds and Preston.
Exponent Partner Tom Sweet-Escott adds: “Exponent backs market leading businesses with exceptional management teams. Lowell has proved itself over the last three years to be the clear market leader led by a highly talented team who fully deserve their success so far.”
TDR Partner Jon Rosen says: “We have been focusing on the debt purchase sector for a while, and we are pleased to have the opportunity to partner with the management team and invest in a platform as strong and differentiated as Lowell.”
Exponent was advised by Hawkpoint and Travers Smith LLP. TDR Capital was advised by Quayle Munro and Linklaters.
