7 August 2006 – LAWFUEL – Press Release Service – Nikko Principal Investments Limited (NPIL) has been advised by law firm Pinsent Masons on the acquisition of the rapidly growing debt collection agency, Clarity Credit Management Solutions Limited (Clarity).
NPIL, the European investment arm of Nikko Cordial Corporation of Japan, has bought 85% of the company with Clarity founders Garry Stran and Richard Griggs retaining a minority interest. Garry Stran will continue as the company’s Chief Executive, with Richard Griggs assuming the new role of Director of Corporate Development.
Clarity was formed just over a year ago to provide high quality, cost effective solutions to all aspects of the credit management process. The company specialises in working with financial institutions to maximise the effectiveness of their collection, recovery and litigation strategies, to aid customer retention, minimise losses and provisions, and maximise profit. As part of its service, Clarity provides credit management consultancy as a value added facility.
The purchase of Clarity continues NPIL’s investment in the financial services sector and follows its acquisition earlier this year of Cabot Financial, the UK’s leading purchaser of non-performing debt. NPIL’s David Jeffery and Simon Oakland, both of whom were involved in the Cabot transaction, will take up Board positions at Clarity.
The Pinsent Masons team advising NPIL has been led by Private Equity Partner, Roger Fink, working with a team including Hannah Brader, Lee Clifford and Jonathan Snade.
Garry Stran and Richard Griggs were advised by Eversheds, and the other Clarity shareholders were advised by Gordons.