Electra sells credit business

Electra Partners Europe has sold Premium Credit, a UK finance company, to MBNA Europe for £67m, achieving an IRR of 29 percent.

Electra Partners Europe, the European mid-market buyout firm, has announced a 29 percent IRR on its investment in Premium Credit, a UK-based provider of instalment credit for the financing of commercial and consumer insurance premiums.

Electra backed the buyout of Vendcrown, the holding company of Premium Credit, from HSBC Gibbs Holdings in August 1996.

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