That Was Quick: J.C. Flowers Selling Majority of Cabot

J.C. Flowers & Co. has signed a definitive agreement to sell a 50.1% stake in Cabot Credit Management to Encore Capital Group (NASDAQ: ECPG) for £128 million ($194.8 million). J.C. Flowers completed its acquisition of the company just two weeks ago, purchasing it from AnaCap Financial Partners, Morgan Stanley and Partners Group on May 15. Based in the U.K., Cabot Credit is an acquirer and manager of consumer debt, with more than £7.7 billion ($11.7 billion) of AUM covering more than 3.5 million customer accounts.

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