York Street Partners in the Media
Commercial Credit and Finance receives Rs. 1.68 bn

Leading frontier markets private equity investor, Creation Investments Capital Management LLC, through its wholly owned subsidiary, Creation Investments Sri Lanka LLC (Creation Sri Lanka), has agreed to invest Rs. 1.68 billion (US$12.8 million equivalent) into one of Sri Lanka's leading finance companies, Commercial Credit and Finance PLC The transaction will involve the issuance of 80 million new shares for a consideration of Rs. 1.68 billion or approximately 25.15% of CCF.

This is the largest investment by an international private equity fund into a publicly listed Sri Lankan licensed finance company and is a strong validation for the success of CCF. Creation is impressed by the strength of CCF's leadership and commitment to the mission toward serving the under-banked population in Sri Lanka.

The new funds will be used by CCF for its future investment activities including further enhancing its branch network and expanding its asset and client base, and to meet the future capital adequacy requirements of the Company.

York Street Partners (Pvt) Ltd. acted as Sole Financial Advisor to the transaction.

Roshan Egodage, CEO of CCF, commented on the transaction saying, "We are committed to providing a wide range of financial products to the Sri Lankan consumer including a variety of microfinance and SME products combined with a high quality service which is part of our core values."

Patrick Fisher, CEO of Creation, added that, "This is our first investment in Sri Lanka and the largest investment that we have made to date across our Creation Investments Social Venture Funds. We look for quality investment opportunities across many emerging and frontier markets globally." 

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