| This Week's News - 10 February 2014 |  Cabot Credit Management Acquires Marlin Financial Group
Cabot Credit Management (CCM), a leading acquirer and manager of consumer debt, has agreed to acquire Marlin Financial Group (Marlin), a leading specialised debt buyer, for £295 million.
The acquisition brings together two companies with complementary capabilities to strengthen their combined position in the market. Marlin has a robust, mature legal collections operation that is highly effective at collecting on non-performing debt. This capability is an ideal complement to CCM’s success with semi-performing debt. By leveraging each other’s core strengths, CCM and Marlin will expand their ability to grow revenues across a broad range of debt types. In addition, the combined company expects to create further operational efficiencies by applying industry expertise and sharing best practices.
As part of the agreement, Ken Stannard, Marlin’s chief executive officer, has been appointed chief executive officer of CCM, with Neil Clyne, CCM’s current chief executive officer stepping down to pursue other interests. The Board would like to thank Neil Clyne for his significant contribution to the business.
“We are delighted to bring together two industry leaders with their own unique strengths. Together, the companies are well placed to become the purchaser of choice for U.K. vendors,” Stannard said. “I am honoured to be leading a great team of people through an exciting period of growth, and I look forward to working with the Board, our people and partners to ensure our continued success.”
Outgoing CCM chief executive Clyne said, “I want to thank the Board, our people and partners for their support and encouragement over the years as we have built CCM into an industry leader. I am proud of everything we’ve accomplished as a team, and I’m confident that together CCM and Marlin will lead the industry into its next phase of maturity.”
Marlin founder Martin Dunphy said, “I am extremely proud of our people and the company. The fact that Marlin has become an industry leading specialised debt buyer and a highly profitable business is a testament to what can be achieved when you assemble a great group of smart, motivated and ambitious people. I wish the combined company much success in the future."... Read more here... |
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| This Week's Appointments And Updates |
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