June 26 (Bloomberg) -- Lowell Group, the debt recovery business owned by U.K. buyout firm TDR Capital LLP, may be sold in an initial public offering that would value the company at about 1 billion pounds ($1.7 billion), said two people with knowledge of the matter.
TDR picked Goldman Sachs Group Inc. and JPMorgan Chase & Co. to manage the IPO in London, said the people, who asked not to be identified because the details aren’t public. The deal is slated for the second half of the year, one of the people said.
Lowell joins companies including insurer AA Plc and retailer GAME Digital Plc that have raised about $21 billion this year, making it the busiest first half since 2007, according to data compiled by Bloomberg. Arrow Global Group Plc, a competitor to Lowell, raised 189 million pounds in an IPO in October. The stock has since gained about 7 percent.
Officials for JPMorgan, Goldman Sachs, TDR and Lowell declined to comment.
Lowell, based in Leeds, England, has more than 1,000 employees and acquires consumer bad debts from creditors in industries including financial services, communications and utilities, according to its website.
The company reported 117 million pounds in adjusted earnings before interest, tax, depreciation and amortization, for the last 12 months to March 31, up 8 percent from the year- earlier period.