White Oak UK has acquired Growcap Finance, a Dublin-based business providing working capital and trade finance solutions to the SME market in both the UK and Ireland.
This acquisition will provide White Oak UK’s 13,000+ clients across the UK and Ireland with access to an enhanced product range of purchase funding solutions and offer increased financing options to those trading outside of the UK.
A recent survey of White Oak UK customers found that more than one in five respondents said hey would like White Oak UK to provide trade finance.
The acquisition will also offer the business a platform with which to develop a significant presence in Ireland.
The current management team will remain with the business and the business will trade as White Oak IE.
Peter Alderson, managing director at White Oak UK, said: “We are delighted to announce our acquisition of Growcap, as we believe this is an important step in our continued growth strategy. We have been exploring ways to enter the Irish market for some time and the acquisition of Growcap provides us with an ideal opportunity to meet the needs of clients in a market that is typically underserved by traditional banks.
“Since 2011, 129 bank branches have closed in the Republic of Ireland, therefore there is a need to address this gap in business lending via alternative types of funding. As we make our first steps into the European market, the team at Growcap will bring new products to our portfolio as well as experience in new territories that we firmly believe will complement our business and our existing client base.”
Andy Beck, CEO at Growcap Finance, added: “As one of the leading alternative providers of finance in the UK, White Oak UK is the perfect fit for Growcap as we look to expand our footprint and enhance our ability to deliver working capital solutions to our clients.
“The combination of the two businesses presents a compelling opportunity for future success, as we continue on our shared goal of providing businesses access to the finance they need.”