An auction conducted by Citigroup to find a buyer for United Kingdom-based accounts receivable management firm 1st Credit failed to find a buyer willing to pay what the firm’s current private equity owner was looking for.
According to the Financial Times, U.S.-based financial services giant Citigroup facilitated an auction that drew bids from at least three other private equity firm: Warburg Pincus, BC Partners and Bain Capital. But 1st Credit’s owner, Bridgepoint Capital, was not satisfied with the bids.
Earlier in the year, it was reported that Bridgepoint would be seeking at least $650 million for debt buyer and collector 1st Credit (“Massive Deal Brewing for UK Debt Purchaser-Collector,” Feb. 25). Reports today said that Bridgepoint’s asking price for the ARM company is £350 million ($695 million).
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According to the Financial Times, U.S.-based financial services giant Citigroup facilitated an auction that drew bids from at least three other private equity firm: Warburg Pincus, BC Partners and Bain Capital. But 1st Credit’s owner, Bridgepoint Capital, was not satisfied with the bids.
Earlier in the year, it was reported that Bridgepoint would be seeking at least $650 million for debt buyer and collector 1st Credit (“Massive Deal Brewing for UK Debt Purchaser-Collector,” Feb. 25). Reports today said that Bridgepoint’s asking price for the ARM company is £350 million ($695 million).
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