Electra Partners announced today that it has backed SAV Credit's acquisition of a £835 million credit card portfolio from Citigroup.
SAV Credit Limited is the UK's leading specialist credit card provider and has been an investee company of Electra since March 2006.
Electra Partners, together with SAV's other investors and led by new investor, Varde Partners, have provided the additional resources to facilitate the purchase.
The acquisition, which builds on the success of the Marbles deal in 2007, provides SAV with an additional 540,000 credit card customer accounts, effectively doubling the company's total number of customers to over one million and tripling the size of the receivables portfolio to more than £1.2 billion.
David Symondson, Deputy Managing Partner of Electra Partners, commented: "This transformational deal consolidates SAV's market-leading position as a specialist lender and is yet another example of our strategy to support and enhance our portfolio whilst providing the potential for substantial upside for Electra".
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC ("Electra").