April 15, 2016
Translink Corporate Finance announces the completion of the management buy in / buy out of IGF Invoice Finance (IGF) from Greater London Enterprise. Translink were lead advisers to management on the transaction, acting for an experienced lending team led by John Onslow.
The transaction has been funded by Spring Ventures who were introduced to John Onslow by Translink. Spring Ventures will initially invest £9m to fund the acquisition and provide growth capital. It will commit a further £11m of follow on capital over the next three years and will take a majority stake. With continued demand for SME funding, the team intend to grow IGF’s invoice lending platform into an asset based lending business of significant scale.
John Onslow, new CEO of IGF, commented, “The asset based lending market is growing fast. It is still dominated by the high street banks who would in general rather invest in larger, lower risk opportunities and this in turn offers enormous potential to smaller more flexible providers like IGF to fill a gap. With 5 million SMEs in the UK currently employing some 15 million people and accounting for 50% of the economy, there is a very significant funding gap to be filled.”
John Onslow has previously grown and sold two asset based lending businesses including Centric Commercial Finance (sold to Shawbrook in 2014) and Heller Finance (acquired by GE in October 2003). John also served as Chairman of the Asset Based Finance Association.
He has been joined by John Nelson and Jon Hughes in the management team; the three collectively have 60 years experience in the commercial lending sector. Matthew Cooper, co-founder of Capital One Bank and former NEC of AIM listed Inspired Capital, has also been appointed as Chairman.
Contact our Team Members advising in this transaction:
Translink UK is an active and very experienced M&A advisor comprising over 20 individuals across four locations. They work extensively on cross border transactions across a number of sectors. A breadth and depth of experience including industrial positions and within private equity underpins a real focus on client outcomes and drives the effective and practical delivery of corporate transactions.