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Receivables management company sold
A global firm and a national firm have advised on the sale of Thorn Group’s receivables company to Credit Corp.
Lara Bullock
Firms: Norton Rose Fulbright (Thorn Group Limited); Piper Alderman (Credit Corp)
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Deal: Thorn Group Limited sold National Credit Management Limited to Credit Corp.
Value: $22.6 million
Area: M&A
Key players: The Norton Rose Fulbright team was led by partner Ben Smits (pictured), with assistance from associate Vianna Shing and Thorn Group relationship partner Richard Fogl.
The Piper Alderman team consisted of partner Sina Kassra and senior associate Kimberley Levi.
Deal significance: ASX-listed company Thorn Group Limited sold its receivables management company National Credit Management Limited (NCML) to Australian debt collector Credit Corp for $22.6 million.
NCML operates in Australia and New Zealand as a diversified receivables management business with a focus on debt purchasing and agency collection.
The sale to Credit Corp includes a purchased debt ledger book with a carrying value of more than $20 million, 90 staff and 120 client agency agreements.
“It was pleasing to assist Thorn Group with the sale of a high-quality receivables management business and to reach an outcome that was beneficial to all parties concerned,” lead partner Ben Smits said.
