White Oak UK acquires Growcap Finance
19 June 2019
We are delighted to announce White Oak UK’s acquisition of Growcap Finance, a Dublin-based provider of working capital and trade finance solutions to the SME market, in both the UK and Ireland.
The acquisition will see the current management team remain with the business and the business being rebranded as White Oak IE.
The purchase comes in response to growing client demand to provide increased financing options to businesses either already trading outside of the UK, or with an appetite to do so.
We believe that Growcap Finance’s expertise in this area will support the delivery of an enhanced range of financial solutions, to both White Oak UK and Growcap Finance clients alike. It also offers a platform to develop a significant presence in Ireland that is consistent with White Oak’s strategic focus on European growth.
White Oak UK Managing Director, Peter Alderson said:
“We are delighted to announce our acquisition of Growcap Finance, as we believe this is an important step in our continued growth strategy. We have been exploring ways to enter the Irish market for some time and so this provides us with an ideal opportunity to do this.”
“We believe that, like the UK, the Irish market is largely under supported by banks in SME finance – and that this gap in business lending can be addressed via alternative types of funding. As we make our first steps into the European market, the team at Growcap Finance will bring new products to our portfolio as well as experience in new territories that we firmly believe will complement our business and our existing client base.”
Andy Beck, CEO at Growcap Finance, comments, “As one of the leading alternative providers of finance in the UK, we believe this is the perfect fit for Growcap Finance as we look to expand our footprint and enhance our ability to deliver working capital solutions to our clients. The combination of the two businesses presents a compelling opportunity for future success, as we continue on our shared goal of providing businesses access to the finance they need.”