Charles Russell Speechlys advises the management team of Optimum Credit on its sale to KKR-owned Pepper Money
Charles Russell Speechlys has advised the management team of Optimum Credit Limited, a leading provider of second charge mortgages, on its sale to Pepper Money. Pepper Money is owned by the global private equity fund KKR & Co.
Optimum Credit, which is based in Cardiff, was launched in 2014 and offers a range of variable, fixed and discounted second charge mortgages to homeowners in England, Wales and Scotland. The sale, conditional on approval from the Financial Conduct Authority, is intended to enhance the growth of Pepper Money’s intermediary led secured lending proposition and will form part of the Pepper Group’s expansion plan.
Sam Marshall, chief executive at Optimum Credit, said “We were delighted to have the Charles Russell Speechlys team on board to help us through the deal. The team provided practical and commercial advice and were a pleasure to work with.”
Malcolm MacDougall, Corporate Partner and Head of Private Equity, commented on the transaction: “We really enjoyed working with the management team on this transaction. It’s an exciting time for both Optimum Credit and Pepper. We look forward to seeing how the backing of Optimum Credit by the Pepper Group will broaden and strengthen the overall business’s position in a rapidly changing market.”
The Charles Russell Speechlys team consisted of Corporate Partner and Head of Private Equity Malcolm MacDougall, Corporate Partner Richard Coleman, Tax Partner Robert Birchall, Corporate Associate Rajiv Kakkad and Corporate Trainee Charlie Searle.
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