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Aug 17

Advised Marlin Bidco Limited on its cash offer for Shawbrook Group plc

Quayle Munro is pleased to announce that it has advised Marlin Bidco, a company jointly owned by funds managed or advised by Pollen Street Capital and funds advised by BC Partners, on its cash offer for Shawbrook, a specialist UK savings and lending bank. The offer valued the entire issued and to be issued ordinary share capital of Shawbrook at approximately £861m. To date, the acquisition of a bank by private equity firms has been a rare occurrence; therefore the transaction is an important milestone in the ongoing evolution of the UK financial sector.

Shawbrook, established in 2011, focuses on serving the needs of small and medium sized enterprises and individuals in the UK through a range of lending and savings products. Shawbrook has demonstrated an impressive track record having grown the customer loan book to £4.1 billion at the end of December 2016.

Marlin Bidco had been in discussions with Shawbrook since early January 2017 and made an initial offer for the company in March 2017. The offer was subsequently increased in June 2017 and was accepted by shareholders shortly thereafter. Having received total valid acceptances of in excess of 90% of the shares to which the offer relates, Marlin Bidco is in the process of acquiring the remaining shares of Shawbrook compulsorily.

Lindsey McMurray, Managing Partner of Pollen Street Capital, said: “We are delighted to have secured the support of shareholders for the transaction. We have been a supportive shareholder of Shawbrook since it was founded in 2011 and believe the transaction will allow the company to continue its strong growth in its chosen markets and react quickly to changing market dynamics. We have a long standing relationship with Quayle Munro and thank them for their input in delivering a great outcome.”

Cédric Dubourdieu, a Managing Partner at BC Partners, said: “We believe Shawbrook is a high-quality business and we are excited by the opportunity to work with the management and team with Pollen Street to further develop the business. We would also like to thank Quayle Munro for their input in delivering this successful outcome, and look forward to working with them in the future.”

Quayle Munro has been involved in the specialist banking sector for a number of years with the team having worked on the sale of Singers Asset Finance to Shawbrook, the IPOs of Secure Trust Bank, OneSavings Bank and TSB, capital raising for Aldermore, the acquisition of Hampshire Trust, the sale of Ocean Finance to OneSavings Bank and the sale of Omni Capital Retail Finance to Castle Trust.

This transaction also continues the strong momentum of the business having recently announced the sale of Nostrum to Equiniti, the sale of Voogd & Voogd to Five Arrows, advising Oaktree on the merger of Bellpenny and Ascot Lloyd and the sale of Target Group to Tech Mahindra.

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