Slaughter and May is advising Värde Partners on the sale of NewDay to Cinven and CVC Capital Partners for an undisclosed consideration.

NewDay is a leading consumer finance provider, specialising in the UK credit card market.  Värde acquired NewDay (formerly SAV Credit Ltd.) in 2011 and supported the management team through both the rebranding of the company to NewDay and the acquisition of Santander’s UK retail cards business in 2013 (on which Slaughter and May advised).  Today, NewDay is one of the fastest growing specialty finance companies in the U.K. with more than 5.4 million customers and £1.6 billion of receivables.

The sale, which is subject to regulatory and anti-trust approval, is expected to be completed in early 2017.
Contacts

Corporate and Private Equity: Susannah Macknay (partner), David Wittmann (partner), Alyce Ricciardi (associate), Chris Milliken (associate), Shalini Shanthikumar (associate), Ben Isherwood (trainee);

Tax: Gareth Miles (partner), Orlaith Kane (associate);

Financing: Richard Jones (partner), Oliver Storey (partner), Adam Burk (associate), Andrew Chaplin (associate);

Financial Regulation: Ben Kingsley (partner), Ed Burrows (associate);

Competition: Anna Lyle-Smythe (partner), Lorna Nsoatabe (associate)