JC Flowers-Backed Cabot Credit Management Buys MarlinKiel Porter
Cabot Credit Management Ltd., a U.K. debt collection company part-owned by Christopher Flowers’s private-equity firm, agreed to buy Marlin Financial Group Ltd. for 295 million pounds ($483 million).
Duke Street Capital, which bought Marlin for 12.5 million pounds in April 2010, will make a return of three times its original investment in the U.K. consumer debt purchaser, the company said in an statement today.
JC Flowers & Co LLC, run by Flowers, a former Goldman Sachs Group Inc. banker, acquired Cabot Financial from private-equity peer AnaCap Financial Partners LLP. last May. That year, Flowers agreed to sell a 50.1 percent in Cabot to U.S. based debt management group Encore Capital Group Inc.
Duke Street, a London-based private-equity firm, and Marlin, were advised on the transaction by Canaccord Genuity Group Inc. and King & Wood Mallesons SJ Berwin.