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Deloitte has advised Vertex Group Ltd on the disposal of Vertex Mortgage Services Ltd to Capita PDF Print E-mail
Tuesday, 30 June 2015

Deloitte’s Corporate Finance Advisory team has advised Vertex Group on its £35m disposal of Vertex Mortgage Services Limited (“VMS”) to Capita plc (“Capita”). The transaction is subject to approval by the Financial Conduct Authority.

The transaction

Capita is acquiring VMS for £35m on a cash free, debt free basis (subject to approval by the Financial Conduct Authority). This acquisition further strengthens Capita’s growing position within the third party mortgage administration market. Building on its commercial mortgage servicing activities, last year Capita added retail mortgage administration to its capabilities following the purchase of Crown Mortgage Services Limited.

The mortgages market is facing significant regulatory and business challenges. With currently only 5% of the mortgage servicing market being outsourced, Capita has identified huge potential for growth in the UK BPO mortgage market, which is estimated to grow to £400m in 2018.

Deloitte’s role
Deloitte was appointed as lead sell side advisor on the disposal of Vertex Mortgage Services having last year advised Skipton Building Society on its sale of Homeloan Management, another mortgage administration business, to Computershare. Using our extensive knowledge of the mortgage administration sector, we developed a deep understanding of the business and strategic goals of the company within the context of the wider market in order to provide key market and buyer analysis and recommendations. We advised, project managed and led negotiations through the transaction process, working side by side with management to ensure tight deadlines were met and key information was provided.

Anurag Verma, Corporate Finance Partner, Financial Institutions Group, said: “This transaction marks another landmark deal in the rapidly evolving mortgage administration sector and our team’s 27th successful deal in the wider credit management industry. We expect to see further consolidation take place as well as a number of new market entrants join the competitive landscape. Deloitte is pleased to have had the opportunity to act as exclusive financial advisor to Vertex Group."

(Source - Deloitte Press Release)

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