Pepper Advantage – the global loan servicing arm of Pepper Finance, which has a significant presence in Ireland – has been sold to American private equity firm JC Flowers & Co for an undisclosed sum.
The transaction, which is not expected to impact mortgage customers in the Republic whose loans Pepper services on behalf of other entities, is subject to regulatory approval in the US.
The servicing arm of Pepper has changed hands several times in recent years, most recently being sold to private equity giant KKR for $532.7 million (€488.7 million) in 2017.
“We are delighted to join forces with JC Flowers & Co as we embark on the next phase of our growth strategy,” said Fraser Gemmell, Group CEO of Pepper Advantage.
“Their extensive experience and resources will provide us with the support we need following a period of prolonged success under the ownership of Pepper Global and will help us enhance our offering. This deal comes at a critical junction in credit markets as we continue to support our clients in an evolving market environment.”
More to follow ...
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