KKR to acquire consumer credit portfolio of NewDay from Cinven and CVC for £1.7bn.

KKR, an investment firm that manages multiple alternative asset classes, agreed to acquire consumer credit portfolio of NewDay, financial services company specialising in providing credit products to consumers in the UK, from Cinven, a private equity investment firm, and CVC, a private equity and investment advisory firm, for £1.7bn. “We are pleased to enter into this strategic partnership with NewDay to support their continued growth and innovation in the UK consumer credit market. We also look forward to collaborating with Cinven and CVC, whose backing has helped establish NewDay as a leading provider of consumer finance. Through our Asset-Based Finance strategy, KKR is well-positioned to support NewDay's expanding multi-brand platform as they deliver responsible credit solutions to millions of UK consumers," Varun Khanna, KKR Partner and Co-Head of Asset-Based Finance.