Ashcombe Advisers is pleased to announce that it has acted as exclusive adviser to Faccenda Investments in relation to sale of Hillesden Securities Limited, trading as dlc, to Cabot Credit Management (“CCM”) for an undisclosed sum.
dlc is the oldest debt purchasing and credit management business in the UK with £3.3bn face value of assets under management across 188 portfolios and 1 million customer accounts. dlc has been purchasing portfolios since 1994 and had £245m of 10-year Estimated Remaining Collections as at 31 December 2014. dlc also has a small but growing Business Process Outsourcing division which CCM will seek to grow.
Robin Faccenda, Chairman of Faccenda Investments, commented. “We believe this is a very positive step for dlc, in a sector where scale is essential. We recognised the need to identify a new owner that can leverage dlc’s established expertise, and develop the business further and are confident we have found that business in CCM.” Ian Faccenda, CEO of Faccenda Investments, added: “Ashcombe have given us detailed advice about dlc’s strategic positioning and developments in the UK credit management sector for many years, and they were the natural firm to manage this successful sales process for us.”
Andreas Wesemann, Partner at Ashcombe Advisers, commented: “Faccenda Investments is a unique family-owned business with an exceptional track record since the early 1960s. We are delighted to have managed the first disposal by it of a substantial group subsidiary.”
This is the 9th completed financial services transaction Ashcombe Advisers has worked on since 2014, for a combined transaction value of approximately £1.9bn.