Goodbye to Uncle Ken...

[hillards]

Credit Today - AnaCap snaps up Cabot

 

AnaCap Financial Partners has bought debt purchaser Cabot Financial from Citigroup for a reported fee of around £90m, in a deal that will merge the firm with rival Apex Credit Management.

 

Ken Maynard has stepped down as chief executive of Cabot following the merger, which will create one of the largest debt purchasing and collection firms in the UK.

 

The new business will have equity value of around £150m and combined assets of around £6bn.

 

Private equity firm AnaCap Financial Partners is understood to have co-invested in the deal with Morgan Stanley Alternative Investment Partners, a limited partner investor which also co-invested in Aldermore Bank alongside AnaCap in 2009.

 

Figures are yet to be confirmed by AnaCap but the buyout figure has been reported in today’s national press.

 

The investment is a strategic move for AnaCap, which is anticipating that banks, telecom companies, utilities and other consumer credit providers will outsource more of their debt management process.

 

Fabrizio Cesario, managing director of AnaCap, said: "The UK’s debt management sector is very fragmented and we believe that creating a large scale provider will facilitate a superior level of service for both corporate customers and consumers."

 

AnaCap purchased Apex Credit Management from BCW Group in 2007. Apex currently has over 280 members of staff and specialises exclusively upon the UK financial services sector as a contingent agent, outsourced debt management service provider and debt buyer.

 

Glen Crawford, group managing director at Cabot Financial, added: "Both Apex Credit Management and Cabot Financial have an excellent reputation for customer care and we are delighted to be joining forces with them."

 

"We are also very pleased to have the backing of AnaCap who, as a specialist investor within the European Financial Services sector has the ambition and requisite expertise to support our growth."

[sillygirl1]

Cabot have been cabotted? These mergers are looking very interesting, small nice players now gobbling up 'big boys' instead of the other way round.

 

I wonder who actually values their portfolios and what methodology they use.

[postggj]

was it not ANACAP who took over cattles liabilities ???

 

interesting this

[harrassed senior]

Just for a moment I read Andy Capp:sad: Oh that it were!! "Both Apex Credit Management and Cabot Financial have an excellent reputation for customer care and we are delighted to be joining forces with them." Looking in the mirror I see, how more deluded can they be?

[sillygirl1]

Yes, that bit brought tears of laughter to my eyes.... haven't they been on this site at all in the last three years or so?

[pookeymonkey]

Just put - 'Cabot financial Apex credit' into an anagram site and it came out with 'In farcical, bad expectation'.

 

Whet an apt name for the new company, I think I might drop my friends on King's Hill a line suggesting this as it also sums up their 'customer care'!!!

[cerberusalert]

Glen Crawford, group managing director at Cabot Financial, added: "Both Apex Credit Management and Cabot Financial have an excellent reputation for customer care and we are delighted to be joining forces with them."

Nurse NURSE he's escaped again.

[NailPost]

"Both Apex Credit Management and Cabot Financial have an excellent reputation for customer care and we are delighted to be joining forces with them."

 

 

Bear in mind their customers are the banks, credit card companies and other financial companies that sell or ask Cabot to chase up debts on their behalf. In that respect they really do look after their customers. Sadly they look upon those they harass with endless telephone calls and meaningless letters as "clients". There is no such claim about care for this sector of their business.

[babybear39]

"excellent reputation for customer care"

[Dial Square]

I've recently had a letter from Cabot chasing for an alleged debt that they apparantly bought from citifincial. A debt that was settled with an F&F in 2007. I'm not worried and I've sent the necessary letters but I was just wondering if this acquisition will change their current practices.

[rameses_qc]

Yes, but...............How much has Maynard trousered as a payoff for stepping down?

[harrassed senior]

Lets hope it was a 'go else be pushed' arrangement!!