11 October 2016
Clifford Chance advises Cinven and CVC Capital Partners to acquire leading consumer finance provider NewDay
International law firm Clifford Chance has advised the consortium of leading global private equity funds comprised of Cinven and CVC Capital Partners to acquire NewDay , a leading consumer finance provider specialising in the UK credit card market from Värde Partners.
The UK is the largest credit card market in Europe and NewDay is one of the UK’s fastest growing specialty finance companies, providing credit to more than 5 million customers and with £1.5 billion of receivables.
The management team will continue to be led by James Corcoran, Chief Executive, who joined NewDay in 2009. The Company is headquartered in London with additional operations in Leeds and employs over 750 people.
Cinven and CVC Capital Partners are leading global private equity firms with $33 billion of assets under management respectively and a strong track record of investing in and successfully growing financial services businesses.
The Clifford Chance team advising the consortium was led by Global Head of Private Equity Jonny Myers, and Private Equity Partner Christopher Sullivan, with support from Antitrust Partner Jenine Hulsmann and Capital Markets Partner Maggie Zhao. The cross- practice team was well placed to provide complex corporate, competition and high yield support on the UK buy-out with its combination of market leading credit card securitisation expertise together with strong expertise in completing Private Equity deals in the UK regulated financial services sector.