Cattles to change hands in pounds 70m deal; Private equity firm to buy lender.Byline: TONY McDONOUGH PRIVATE equity fund AnaCap Financial Partners has agreed to buy North West business lender Cattles Invoice Finance (CIF (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). ) in a deal worth pounds 70m. Future funding for CIF, which has an office in Liverpool, will be provided by Lloyds TSB Lloyds TSB Group plc (LSE: LLOY) is a banking and insurance group in the United Kingdom. It was formed in 1995 by the merger of Lloyds Bank and the Trustee Savings Bank (TSB). The Group's head office is at 25 Gresham Street, London. Commercial Finance. The transaction, which has been rumoured for some months, is subject to final shareholder approval, and is expected to close in around five weeks. CIF was formed in 1994 and has expanded significantly year-onyear. The company is focused on providing short-term finance to small and medium-sized businesses from its network of six regional centres across the UK, offering rapid, local decisionmaking to clients across a range of industries. CIF's annual client turnover is in excess of pounds 1bn with facility sizes ranging from pounds 25,000 to pounds 4m. The sale will provide a muchneeded cash injection for the wider Cattles Group. Last month, the Yorkshire-based sub-prime lender said a consortium of banks had agreed to extend a pounds 500m facility, which had been due for re-financing, until the end of the year. Peter Cartwright and Andy Wynn, partner and head of credit respectively at AnaCap, will now join CIF's board, led by chief executive, Doug Crawford. Mr Crawford said: "This deal is welcome news for the clients and staff of Cattles Invoice Finance, and we are excited by the opportunity to build a stronger business with the support of an experienced parent. "Over recent years, we have operated increasingly autonomously from Cattles plc, as it has focused on consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. , and AnaCap's combination of analytical and operational expertise will provide our existing, experienced management team with the resources needed for continued expansion." London-based AnaCap is a specialist private equity fund focused on making pan-European investments in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector. Having recently closed its second fund, raising investors including Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Allianz, Honeywell, Morgan Stanley Alternative Investment Partners, State of New Jersey and Adams Street Partners, its total funds under management now exceed pounds 920m. Existing portfolio companies include Syscap, an IT finance provider, and Apex Credit Management, a contingency collector of prime debt for major financial institutions. CAPTION(S): Excited by the opportunity - Cattles Invoice Finance chief executive, Doug Crawford |
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