Teachers’ Private Capital to take minority stake in TDR-backed Lowell Group

Teachers’ Private Capital, the private equity investment arm of the Ontario Teachers’ Pension Plan, has agreed to buy a significant, undisclosed minority interest in Lowell Group Ltd. One source has reported that Teachers will acquire more than 35 percent of the Leeds, United Kingdom-based business, which is focused on consumer debt purchase and recovery. In 2011, Lowell was acquired by British private equity firm TDR Capital. The company said current investors, which include TDR, will remain shareholders, with each selling a proportionate amount of their current holding. Canadian law firm Torys LLP represented Teachers in the deal.

PRESS RELEASE

Lowell Group attracts investment from Ontario Teachers’ Pension Plan

August 11, 2014

Lowell Group, a leader in consumer debt purchase and recovery, announces that the Ontario Teachers’ Pension Plan (Teachers’), through its Teachers’ Private Capital division, has agreed to acquire a significant minority interest in the company. Each of the current investors in Lowell will remain shareholders, each selling a proportionate amount of their current holding. Completion of the transaction is subject to customary regulatory clearances and other approvals and consents.

Over the past decade Lowell has established a successful track record of growth. With 14.4 million individual accounts at a face value of £12 billion Lowell is today a recognised leader in a growing market.

Welcoming the Teachers’ investment, James Cornell, CEO of Lowell Group, said:

“I am delighted that Teachers’ has recognised the potential in Lowell and agreed to invest significantly in the future of our business. With the involvement of Teachers’ and the continuing support of TDR Capital we now have an even greater opportunity to build on our success and maximise the potential of the Lowell business.”

About Lowell

Lowell Group is a leader in consumer debt purchase and recovery based in the United Kingdom. It is a specialist in buying non-performing consumer debt from a wide range of major creditors, across various industries, including financial services, communications, home retail credit and utilities. Lowell has acquired in excess of 14.4 million accounts, which represents a significant proportion of the UK’s credit active population and enables it to have a significant understanding of new portfolios. The company works with its customers, offering realistic, affordable and sustainable payment plans tailored to their individual circumstances.

About Ontario Teachers’ Pension Plan

The Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada, with $140.8 billion in net assets as of December 31, 2013. An independent organization, it invests the pension fund’s assets and administers the defined benefit pensions of 307,000 active and retired teachers in Ontario. Teachers’ Private Capital is the plan’s private equity investing arm. Over the last 20 years, Teachers’ has invested in excess of CAN$20 billion in private equity. Teachers’ has been active in Europe since 1992 and has a European investment portfolio of approximate CAN$5 billion. For more information visit www.otpp.com. Follow us on Twitter @OtppInfo.

About TDR Capital

TDR Capital is a private equity firm with over €4.8 billion of commitments under management. Based in London, TDR Capital focuses on mid-market buyout investments headquartered in or with significant operations in Europe.

Forward-Looking Statements

This press release may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes, ‟estimates”, ‟anticipates”, “expects, ‟intends”, ‟may”, ‟will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding Lowell Group or its affiliates’ intentions, beliefs or current expectations concerning, among other things, Lowell Group or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Lowell Group or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if Lowell Group or its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

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