Freshfields Bruckhaus Deringer has advised European private equity firm Cinven on its acquisition of Premium Credit Limited, the UK specialty finance provider, for an enterprise value of £462m.

Premium Credit provides financing for the payment of annual fees such as professional fees, membership subscriptions, commercial service charges and school fees. In 2013, the Company achieved gross advances of £3.7 billion, processing 25.8 million transactions. Premium Credit has approximately 2 million customers and works with 4,000 intermediaries.

The transaction is subject to antitrust approval and is due to complete at the end of February 2015.

The Freshfields team was led by corporate partner Adrian Maguire and senior associate Victoria Sigeti.