The private equity firm which helped the billionaire Issa brothers acquire Asda has completed its £565m acquisition of a Manchester-headquartered credit management services provider.
TDR Capital, through its venture Sherwood Acquisitions, is now the owner of Arrow Global after the scheme of arrangement became effective today (Monday, October 11).
The move comes after the acquisition was first agreed at the end of March.
READ MORE: Arrow Global turns losses to profits as firm delivers 'strong' second quarter
Arrow Global, which had been listed on the London Stock Exchange, will be delisted on Tuesday, October 12.
The company has also confirmed that non-executive chairman Jonathan Bloomer, no-executive directors Lan Tu and Maria Luís Albuquerque and Paola Bergamaschi Broyd have tendered their resignations and have stepped down from the board.
Andrew Fisher will be retained as an independent non-executive director on the boards of one or more entities within the Arrow group.
Arrow Global first received a preliminary, conditional proposal from TDR Capital on February 8 for a possible cash offer of 305 pence per share for the entire issued and to be issued ordinary share capital.
On February 22, TDR Capital made a revised proposal of 307.5 pence per share in cash, and revealed in March, which was then accepted.
The acquisition values Arrow's ordinary share capital at approximately £565m.
The move from TDR Capital comes after is partnered with EG Group's Zuber and Mohsin Issa to complete a £6.8bn deal for Asda.
The firm also has investments in the likes of David Lloyd Leisure, Keepmoat Homes and Stonegate Pub Company.
It has previously backed Pizza Express, Lowell Group and International Car Wash Group.
Arrow Global was founded in 2005 and floated on the London Stock Exchange in 2013.
TDR Capital was formed in 2002 and is based in London with over €8bn of committed capital.
