Towerbrook Capital Partners has acquired a majority stake in debt purchase firm CapQuest, Credit Today can exclusively reveal.

CapQuest has also secured a multi-year credit facility of close to £100m from three undisclosed financial institutions in addition to the committed capital provided by Towerbrook, which enables the firm to enter the market for performing and semi-performing debt portfolios alongside charged-off debt.

Mark Brunault, chief executive officer of CapQuest, told Credit Today that the firm would remain on the lookout for further bank investment if it were available at a competitive rate. He said: "We think Towerbrook is going to be an excellent partner and will help us expand into new areas of the market.

"We are always looking for more competitively sourced and priced bank debt and that will continue. I expect that with Towerbrook being an investor that will facilitate the process, we will be good stewards for their capital." Board changes have also occurred at CapQuest following the deal, with current chairman Joe Dlutowski stepping down after seven years of service. He will be replaced by John Connolly, previously global chief executive and chairman of Deloitte, who will assume the chairman’s role in due.....Read more on this story HERE