Exponent acquires Livingbridge-backed Enra

Kenny Wastell
17 November 2016

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Exponent Private Equity has acquired a majority stake in UK mortgage business Enra from Livingbridge.

The vendor will retain a minority stake in Enra following completion of the deal.

Financial terms of the transaction are undisclosed, though Enra claimed in a statement it had grown fivefold during Livingbridge's tenure.

Following Livingbridge's initial investment, the business bolted on bridging lender West One Loans in September 2014, in a deal financed through a combination of cash and equity. Enra has also invested in its IT infrastructure, in addition to marketing and sales activity.

Formerly known as Enterprise Finance, the company was rebranded as Enra following the launch of its Aura Finance brand in 2013.

Under Exponent's tenure, Enra intends to expand its presence in the second-charge mortgages and buy-to-let mortgages segments. The company will also appoint former Coventry Building Society CEO David Stewart as chairperson.

Previous funding
Livingbridge (at the time known as Isis Equity Partners) first invested in the group in February 2014 when it made a growth capital investment in Enterprise Finance in a deal valuing the business at £28m.

Company
Founded in 2002 as Enterprise Finance and headquartered in Borehamwood, near London, Enra is a lender and broker of bridge loans and commercial mortgages. Its brands include the aforementioned Enterprise Finance and West One Loans, as well as Aura Finance.

The business generated £1.1m in profits on ordinary activity before tax in 2015, according to publicly available records.

People
Livingbridge – Shani Zindel (partner).
Exponent – Mark Taylor (partner).
Enra – Danny Waters (CEO).

Advisers
Vendor – Livingstone, James Lever, Shani Zindel (corporate finance); Travers Smith, Paul Dolman, Will Yates, Victoria Bramall, Ian Keefe, James Ravden, Tom Lloyd, Simon Skinner, Russell Warren, Amie McFadzean, Matthew Smith (legal, tax).