Castle Trust Capital has confirmed that it is to acquire Omni Capital Retail Finance (OCRF).
The point of sale (POS) business was a wholly-owned business of CPC Group.
Castle Trust will receive capital injections from its principal shareholder J.C. Flowers & Co. to support the acquisition and grow Omni’s loan book.
Omni will be run as a distinct business unit within the Group and will remain located in its existing site in Watford.
The transaction is expected to complete by the end of March 2017, subject to the approval of the Financial Conduct Authority.
Matthew Wyles, a director of Castle Trust Capital, said: “Our entry into the POS market is a key strategic diversification which will make the Group even stronger and more resilient. Castle Trust will operate in three lines distinct markets – specialist mortgages, development finance and point of sale.
An Omni Capital spokesman added: “CTC shares our vision and appetite for growth. Its proposed acquisition of Omni Capital is good news for the business, the management and employees. Under new ownership, we will have access to both fresh capital and efficient alternative debt funding and will benefit considerably from CTC’s significant infrastructure and resources.”
Omni Capital Partners Limited, the bridging and development finance provider, changed its name to Fortwell Capital Limited in February this year, but OCRF did not rebrand.
At the time, Fortwell’s CEO, Colin Sanders, said: “By changing our name, we’re giving OCRF the room to breathe and develop the Omni brand in its own distinct way.”
This led to speculation that it was open to offers for the business.