Next Capital buys Scottish Pacific
Debtor finance company Scottish Pacific has changed hands. Last week, Lazard Australia Private Equity completed the sale of the company to another private equity firm, Next Capital.Scottish Pacific, which handles about A$3.5 billion of invoices each year, was sold for around $100 million.According to the Institute of Factors and Discounters, the combined turnover for factoring and discounting in the year to December was $63.3 billion - an increase of 3.2 per cent over the previous year.Scottish Pacific's chief executive, Peter Langham, said in a statement that the company's new "partner" was committed to developing "new and innovative products and offering working capital solutions to a wider audience."