Cabot Square sells LDF to White Oak

The transaction allows White Oak to expand its lending platform into the UK – it will take on 22,000 active loans to more than 10,000 direct clients as a result of the acquisition.

The asset is said to have attracted significant interest from both mainstream and challenger banks, which retreated from the space after the financial crisis and are now working out how to re-enter it.

LDF currently only lends to UK companies but is seen by Whiteoak as a potential springboard for further European expansion.

The business achieved a sale price of more than £150m, Unquote understands. 

The sale ends a holding period of four years for Cabot Square, which acquired the business from Investec in December 2013.

Company
LDF was founded in 1986 and is headquartered in Ewloe, Wales, with four additional offices in Stewarton, Manchester, London and Southampton. The company provides asset finance, business loans, commercial mortgages and education leases to UK-based SMEs. It completed financings worth £500m in 2017 and employs 220 people.

People
Cabot Square Capital – Richard McDougall (partner).
White Oak Global Advisors – Andre Hakkak (CEO).
LeaseDirect Finance – Peter Alderson (managing director).

Advisers
Vendor – Fenchurch Advisory Partners (corporate finance).

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• Exits
• UK / Ireland
• Financials
• Trade sale
• United Kingdom