AnaCap-backed Aldermore raises £40 mln

AnaCap Financial Partners-backed Aldermore, a UK-based bank, has raised £40 million of new capital from institutional investors Toscafund and Lansdowne Partners. The two new investors join existing investors including Morgan Stanley Alternative Investment Partners, Goldman Sachs Asset Management, Ohio Public Employees Retirement System and Honeywell Capital Management. AnaCap remains the lead investor in the bank.

Press Release

Aldermore, the UK’s leading challenger bank, has successfully raised £40 million of new capital from reputed institutional investors Toscafund and Lansdowne Partners.

The new funding was initiated and managed by its founding sponsor, AnaCap Financial Partners LLP (“AnaCap”). AnaCap has developed a highly successful track record as a specialist investor in financial services with a strong reputation specifically in banking sectors across Europe driven by their unique combination of analytical and operational expertise.

The new funds will enable Aldermore to continue to meet the strong demand for its accounts and services from both retail customers and small to medium sized enterprises (SMEs). Aldermore now has over 100,000 retail customers, with deposits exceeding £3.3 billion and lending to SMEs and homeowners reaching £3.4 billion. The Bank also firmly established its profitability in 2013 recording a profit of £9.2 million in the first half of the year and is expecting to post even greater returns for the year end. This investment will further strengthen Aldermore’s position as one of Britain’s most strongly capitalised banks.

The deal will also establish a wider dialogue with UK institutional investors as Aldermore continues to review its capital markets strategy which may, amongst other strategies, include an initial public offering.

CEO, Phillip Monks commented: “I am delighted by the investor appetite for Aldermore and eager to continue to provide straightforward financing solutions to UK SMEs and households. The new funds provide us with the opportunity to do even more to champion Britain’s small businesses, the lifeblood of our economy. Our strong capital position also enables us to look at a number of new product and service launches to further meet the needs of our customers. I would like to thank all our investors for the confidence they have shown in Aldermore as we strive to do things differently.”

Funds advised by AnaCap Financial Partners LLP remain the lead investor in the Bank. Toscafund and Lansdowne Partners will join other reputed institutional investors Morgan Stanley Alternative Investment Partners, Goldman Sachs Asset Management, Ohio Public Employees Retirement System and Honeywell Capital Management as investors.

Credit Suisse acted as sole placement agent in connection with the capital raise with Norton Rose Fulbright acting as legal counsel.

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