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AnaCap Bys Cabot Financial from Citi

European buyout shop AnaCap Financial Partners has agreed to buy consumer debt financing group Cabot Financial from the American bank Citi, Reuters reported. The size and terms of the deal was not released.

(Reuters) – European private equity company AnaCap Financial Partners has agreed to buy consumer debt financing group Cabot Financial from American bank Citi, the companies said in a statement.

The price of the acquisition was not disclosed, but AnaCap said the deal would create a leading British debt management firm with combined assets under management of more than 6 billion pounds ($9.83 billion).

“The UK’s debt management sector is very fragmented and we believe that creating a large scale provider will facilitate a superior level of service for both corporate customers and consumers,” AnaCap managing director Fabrizio Cesario said in a statement.

($1=.6103 Pound)