Slaughter and May and Allen & Overy (A&O) are leading a four-firm line-up advising on the £472m private equity sale of credit card provider SAV Credit to investment manager Vaerde Partners.

Slaughters advised SAV owner Palamon Capital Partners on the sale, with London corporate partner David Wittmann leading a team that also included tax partner Graham Iversen.

Jones Day advised SAV's management fielding a team led by London M&A partner Julian Runnicles, with London private equity head Adam Greaves and investment funds partner Tim Flood also advising.

Meanwhile, A&O took the helm for Vaerde Partners led by corporate partners Derek Baird and Duncan Bellamy. Clifford Chance (CC) advised SAV co-investor Electra Private Equity, with corporate partner David Pearson taking the lead role.

SAV, which was founded in 2001, has been part of Palamon's portfolio since 2002, with Morgan Stanley Alternative Investment Partners and Electra also providing additional equity.

The company, which in 2007 acquired the online Marbles credit card business from HSBC, manages approximately 500,000 credit card accounts in the UK, with more than £600m in credit card assets. Last year it purchased the Citi-branded credit card portfolio in the UK, with Vaerde contributing financing to the deal.

Slaughters also advised Palamon on a deal earlier this year, acting on the merger of portfolio company Associated Dental Practices (ADP) with Integrated Dental Holdings (IDH) in January.

The deal saw Linklaters advise The Carlyle Group on its £450m acquisition of IDH, with Slaughters acting for ADP-owner Palamon on plans to merge the rival companies.

The deal also generated roles for CC for IDH's seller – Bank of America's private equity division – and CMS Cameron McKenna and Pinsent Masons for IDH and ADP management.