Leeds-based Lowell Group, widely acknowledged as the UK’s leading debt purchasing specialist, has been acquired by 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 officer James Cornell commented:

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.

 

It has been a pleasure to work with the team at Exponent, who have made a significant contribution to the Group’s success.

Exponent Partner Tom Sweet-Escott commented:

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 commented:

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 Private Equity acquired Lowell Group in 2008.  As at end August 2010, Lowell Group was servicing in excess of six million customer accounts with a value of £6 billion. The Group has established strong 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 490 people at its state-of-the art HQ in Leeds and customer contact centres in Leeds and Preston.

Exponent was advised by Hawkpoint and Travers Smith LLP.

TDR Capital was advised by Quayle Munro and Linklaters.