...April 13, 2022 LONDON (S&P Global Ratings) April 13, 2022--S&P Global Ratings today said that Garfunkelux Holdco 2 S.A. (B+/Stable/B; Lowell) has sufficient financial flexibility and ratings headroom to absorb the financial impact of its announced acquisition of Hoist Finance UK Ltd. (Hoist UK) for an enterprise value of ú370 million. The deal cements Lowell's solid footing in the U.K. credit market services industry, which itself is in the context of the group's diverse pan-European franchise. Given its good collections performance and tightening cost controls, along with subsequent robust EBITDA generation and decent financial flexibility, we believe Lowell should be able to comfortably absorb the financial impact of the deal. The Hoist UK acquisition brings around ú585 million of additional collections over the next 180 months to Lowell's U.K. business. It already had more than ú2.6 billion of expected collections over the same period ending third-quarter 2021 in its U.K. business, around...
