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CMS in trio of consumer debt sector transactions

26/02/2014

CMS London advised the shareholders of Grove Holdings on the sale of a controlling interest to Encore Capital Group, Inc., in a transaction announced on 25 February. Grove is a London-based distressed asset investment group focused on consumer assets in the UK and Europe, specializing in consumer insolvencies including bankruptcies and individual voluntary arrangements.

In January, CMS London advised shareholders on the £200 million sale of TDX Group to Equifax, Inc. TDX is a creditor services business, providing its clients with technology, data and advisory solutions to improve consumer debt realizations and the fair treatment of customers in financial arrears.

Corporate partner Chris Southorn led the CMS team on both transactions, assisted by associates Toni Brown, Alana Perrin and Ahmad Khokher on the TDX sale, and by Lucinda Glazebrook on the Grove transaction.

The transactions follow CMS London’s role in 2013 as legal adviser to funds advised by AnaCap Financial Partners LLP on the sale of Cabot Credit Management. Cabot is a market leading acquirer and manager of consumer debt. Dipesh Santilale (partner) and Lucinda Glazebrook (associate) (corporate) and Bill McCaffrey (partner, consumer credit) acted for AnaCap on the Cabot sale.

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Christopher Southorn