Aldermore has raised GBP40m of new capital from institutional investors Toscafund and Lansdowne Partners.
The new funding was initiated and managed by its founding sponsor, AnaCap Financial Partners.
The new funds will enable Aldermore to continue to meet the 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 GBP3.3bn and lending to SMEs and homeowners reaching GBP3.4bn. The bank recorded a profit of GBP9.2m in the first half of the year.
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.
Chief executive Phillip Monks says: “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 remain the lead investor in the bank. Toscafund and Lansdowne Partners will join 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.
