MT Finance has announces the completion of a management buy-out (MBO).
The deal puts 100% of the ownership of the company back into the hands of the joint founders, Joshua Elash and Tomer Aboody.
The MT Finance Group raised £8m of funding from Triple Point Investment Management to complete the purchase. Pursuant to the terms of an option contract signed in November, the transaction had to be completed before the Chancellor’s budget on 3 March 2021. Advised by Nick Parkhouse’s team at EY and represented by the team at Ashurst, the complex MBO was structured and completed within eight weeks.
Established in 2008 by co-founders Elash (pictured, left) and Aboody (pictured, right), MT Finance has completed in excess of £1 billion of lending.
Elash said: “This buyout is the start of a new and exciting chapter in the story of our company and will allow the management team to now push forward with our goal and vision of making the MT Finance Group the leading property finance provider in the UK. We wish to express our gratitude to the teams at Triple Point, EY and Ashurst for their tireless assistance, day and night, in getting this done under the tightest of time constraints.”
Reece Digance from Triple Point Investment, added: “We are excited to partner with MT Finance to support the buy-out. It was clear to us from the outset that MT Finance’s customer proposition is first class, supported by technology, customer service, and speed of execution. We look forward to supporting the business’ ambitions in the near future.”