ACORN OakNorth Holdings has today announced that it has secured £78m from the EDBI of Singapore, NIBC Bank, Clermont Group, GIC, and Coltrane Asset Management.
The £78m represented 4.3% of the company. The capital will be used to accelerate the growth of ACORN machine and enable OakNorth to continue scaling its lending efforts in the UK.
Since the start of 2018, OakNorth has doubled its loan book from £850m to £1.7bn and expects to lend a further £465m this year. Its loans have directly helped with the creation of over 8,500 new homes and 8,000 new jobs in the UK.
Its clients include renowned high street brands, such as LEON, Brasserie Blanc and Z Hotels, as well as well-known property developers such as Regal London, Galliard and Frogmore.
Richard F. Chandler, Chairman of Clermont Group, said: “The Clermont Group is delighted to continue its support of ACORN OakNorth. We believe it has the potential to become a globally scalable business and a future champion in the financial services sector.
“By providing capital to the underserved SME segment, ACORN OakNorth reflects the Clermont Group’s philosophy of building and investing in companies that contribute significantly to their nation’s economy. For SMEs, capital can be a scarce and vital resource. ACORN OakNorth’s ability to provide capital to SMEs plays an important role in helping to resource entrepreneurs and businesses that have traditionally been underserved by the large financial institutions.”
Proskauer acted as the legal advisor to ACORN OakNorth Holdings on the transaction.