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UK - AnaCap to acquire Ruffler

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AnaCap Financial Partners has agreed to acquire UK-based Ruffler Bank from Roy Ruffler, the company's main shareholder, for an undisclosed sum. The transaction will see Phillip Monks become CEO of the company, leading a new management team joining from institutions such as Santander and Barclays.

Over the next few yars, AnaCap plans to inject a further £80m of equity into the bank to expand its lending to SMEs. The investor also hopes to grow the loan book and diversify product offerings across a range of asset classes. The private equity group is reportedly expecting Ruffler's balance sheet to rise to £1bn from £74m in five years.

The company, which was founded in 1969, provides customers and SMEs with secured short and medium-term commercial finance. Ruffler specialises in asset-backed loans to the leisure and printing industries. It is based in Surrey.

Anacap also plans to merge its own commercial mortgage lender, Base Commerical Mortgages, with Ruffler to help build its lending platform.

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