Cinven completes acquisition of Premium Credit
Cinven has today completed the acquisition of Premium Credit (‘Premium Credit' or ‘the Company'), the UK specialty finance provider, for an enterprise value of £462 million.
Cinven's Financial Services team identified Premium Credit as an attractive investment opportunity on the basis of its market leading position within the UK, its attractive and diversified customer base, broad distribution network and good customer service reputation. The Company has a track record of strong financial performance, excellent risk management capabilities and a well-invested IT platform.
The Company is well positioned as a platform from which to execute a strategy of building a diversified UK specialty finance business through organic expansion into new products and selective acquisitions.
Premium Credit represents the eleventh investment from Cinven's Fifth Fund.