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Dec 17

Advised the shareholders of BlueStep Bank on its sale to EQT

Quayle Munro is pleased to announce that it has advised funds managed by Bregal Capital LLP and advised by EMK Capital LLP on the sale of BlueStep Holding AB (“BlueStep”), the leading specialist mortgage provider in the Nordic region, to EQT which completed in December 2017.

BlueStep has pioneered the specialist mortgage market in Sweden and Norway, providing more than 29,000 customers with loans since 2005. It caters for the growing share of the population not being served by traditional banks. By a differentiated approach to customer on-boarding and loan underwriting, focusing on the customer’s underlying loan servicing ability, BlueStep has built a loan portfolio of over SEK13bn. BlueStep is headquartered in Stockholm, Sweden and has approximately 200 employees.

BlueStep was acquired by the fund EQT VII, part of EQT, a leading alternative investment firm with approximately €37bn in raised capital across 22 funds. Based in the Nordics, EQT hold portfolio companies in Europe, Asia and the US.

The shareholders of BlueStep were advised by both Quayle Munro and Carnegie Investment Bank.

Øyvind Thomassen, CEO of BlueStep, said: “We are delighted to have completed the transaction. In EQT we have a partner who will support BlueStep on its continued growth journey by investing in the organisation we have built and supporting further expansion. We thoroughly enjoyed working with the Quayle Munro team and thank them for their valuable insights and perspectives.”

Patrik Johnson, Partner at Bregal Capital LLP and EMK Capital LLP, said: “BlueStep Bank is a responsible lender serving an important and growing niche.  We are grateful to the management team for their significant achievement in building BlueStep Bank into what it is today and believe that they together with EQT have many exciting opportunities ahead of them. We thank Quayle Munro for their contribution to the transaction – their deep sector knowledge and execution capability was key to delivering a successful outcome.”

This transaction continues the Quayle Munro team’s work in the specialist banking sector having advised BC Partners and Pollen Street on the acquisition of Shawbrook earlier this year and previously advised on transactions with Aldermore, OneSavings Bank, Virgin Money, Hampshire Trust Bank, TSB, Secure Trust Bank and Charter Court.

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