Britain's biggest debt collector Cabot Credit Management unveiled plans to float on the LSE next month and raise £195mln from institutional investors in the process.
The firm provides a range of credit management services, including collections, business process outsourcing and litigation, and has operations in the UK, Ireland as well as Spain, France, and Portugal.
Exciting time for Cabot
Over 20 years, it has invested £2.1bn in acquiring over £21bn in face value of loan portfolios and has collected a total of £2.9bn from these as at the end of June this year.
In 2016, adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) for 2016 was £247.8mln from £196.8mln. Its full year operating profit was £124.7mln from £106.8mln.
"This is a very exciting episode in Cabot's continued growth and development," said chief executive Ken Stannard.
"Having built strong and entrusted credit management service businesses in the UK and Ireland we are now well into the construction of leading platforms in three new markets.
"We are faced with significant untapped growth potential in each jurisdiction as creditor clients continue to partner with us to improve their own performance."
Cabot leads the industry
The firm, which is owned by US debt recovery business Encore Capital Group and private equity firm JC Flowers, had aimed to float in September but postponed it after Peter Crook, the former chief executive of Provident Financial, who it had planned to appoint as chairman, stepped down from the board in the wake of share price slump and a string of profit warnings.
Andy Haste, who is also chairman of British lender Wonga, is now Cabot's chairman-elect.
He said: "At a time when there is an increased focus on consumer credit, Cabot continues to lead the industry as it works to identify affordable solutions, which help customers with their financial recovery."