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Patron Capital to sell Optimum Credit to Pepper Money

European private equity firm Patron Capital Ltd. will sell Optimum Credit Ltd. to U.K. mortgage lender Pepper Money (PMB) Ltd.

The deal, which is contingent on regulatory approval, includes a second-charge loan book of more than £450 million.

Optimum Credit provides variable, fixed and discounted second-charge mortgages to homeowners in England, Wales and Scotland.

Houlihan Lokey was the exclusive financial adviser to Patron Capital.