AnaCap's Aldermore to recommend takeover offer from FirstRand

The offer values the mortgage and SME financial services provider at £1.1bn.

Aldermore listed on the London Stock Exchange with a market cap of £650m in March 2015, after a previous attempt was pulled due to difficult market conditions in October 2014. Private equity group AnaCap, which invested in Aldermore alongside Morgan Stanley Alternative Investment Partners in 2009, retained a 52.9% stake in the business, according to news reports at the time.

The financial-services-focused GP subsequently sold, together with Toscafund, a combined 15% stake in the UK bank six months after the listing. As of today, AnaCap has a 25% remaining stake in Aldermore and should the takeover go ahead, the GP would fully exit, according to a person familiar with the situation. 

Peterborough-based Aldermore is an independent bank offering lending across asset finance, invoice finance, and commercial and residential mortgages. A so-called challenger bank, it is a smaller retail bank set up to compete with the larger, well-established national institutions. Aldermore was the owner of Base Commercial Mortgages, which it merged with Ruffler Bank after its acquisition in 2009.

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• Topics
• Exits
• UK / Ireland
• GPs
• AnaCap Financial Partners
• Trade sale