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Callcredit sold to private equity firm

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Callcredit sold to private equity firm - 07/12/2009

handshake_deal.jpg

 

Skipton Building Society has sold its majority stake in credit reference agency Callcredit Information Group (CIG) to London-based private equity firm Vitruvian Partners.

 

According to a statement from Skipton, Vitruvian Partners has purchased its share for an undisclosed sum with the full support of CIG's management team. It was one of five private equity players initially shortlisted, as reported in Credit Today.

 

The deal generates around £40m of additional profit for Skipton while for CIG, it marks the start of a new era as an independent organisation.

 

Vitruvian Partners will take Skipton’s place on the board and is looking to inject fresh investment, ideas and experience into the business' development. CIG will continue to pursue its strategic direction under its current leadership.

 

Skipton chief executive David Cutter said: "CIG has been a major success story for Skipton of which we are very proud.

 

"Our support and guidance has enabled the business to penetrate the credit referencing and marketing information markets and, in doing so, to become a serious rival to the major players, from which it continues to take market share."

 

He said Skipton decided CIG was no longer core to its future business direction.

 

Cutter added: "We concluded that this is the appropriate time for CIG to move on and for its next growth phase to be supported by private equity, rather than ourselves as a member-owned building society.

 

"We're delighted to have achieved such a positive outcome for CIG's staff, and for Skipton, and this substantial boost to our profitability and financial strength will provide a real shot in the arm for our own future business ambitions."

 

CIG was established in 2000 and now has over 600 employees and annual turnover of around £50m. Last year it recorded profits of £5m.

 

John McAndrew, chief executive of CIG, said: "We are extremely grateful for the help and support of Skipton over the past nine years.

 

"We have a reputation for differentiating ourselves through innovation and delivering outstanding value and service. To do this, we have been investing in people, technology and new products. We now have plans to explore new markets and geographies and are very optimistic that this change of ownership will provide us with the impetus to achieve our goals."

 

He added: "We're delighted that Vitruvian Partners emerged as the buyer because they are committed to supporting our existing business strategy as well as our vision of growth through both organic development and acquisition."

 

David Nahama, a founding partner at Vitruvian, said: "We are delighted to be working with John and his team at this very exciting stage of their development.

 

"CIG sits right in our sweet spot as an entrepreneurial organisation, deploying smart technology and with a strong, customer-centric management team and great strategic opportunities ahead of it."

 

Skipton was advised by J.P. Morgan Cazenove and Addleshaw Goddard on the sale.


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Saw this on Ceefx earlier;

the CRA's should be run by Gov. agencies and not venture capitalists!

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"CIG sits right in our sweet spot as an entrepreneurial organisation, deploying smart technology and with a strong, customer-centric management team and great strategic opportunities ahead of it."

---------

dont they talk garbage,

"it sits right in our sweet spot" good grief, next he'll be saying my ducks are all in a row, or the blue sky is thinking outside the box.

 

GET A LIFE


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Saw this on Ceefx earlier;

the CRA's should be run by Gov. agencies and not venture capitalists!

 

It wouldn't be long before your info got left on a train!!

 

On 2nd thoughts, good idea as they would soon **** them up like everything else they touch.

 

Don't know if you have been following 'Jonah' Brown on here:

 

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David

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"CIG sits right in our sweet spot as an entrepreneurial organisation, deploying smart technology and with a strong, customer-centric management team and great strategic opportunities ahead of it."

---------

dont they talk garbage,

"it sits right in our sweet spot" good grief, next he'll be saying my ducks are all in a row, or the blue sky is thinking outside the box.

 

GET A LIFE

 

Going forward, you're really pushing the envelope with that post, PGH.


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