We are delighted to announce our acquisition by White Oak UK, one of the UK’s leading providers of non-bank finance to SME businesses. The acquisition of Growcap Finance will see the current management team remain with the business, with the business being rebranded as White Oak IE.
The purchase comes in response to a growing demand from White Oak UK’s clients to provide increased financing options to businesses with an appetite for international trade. Growcap Finance is a leading supplier of trade and supply chain funding solutions to businesses in both the UK and Ireland making this vision possible.
We believe that our expertise in this area will support the delivery of an enhanced range of financial solutions, to both White Oak UK and Growcap Finance clients alike and is consistent with White Oak’s focus on strategic European growth.
Andy Beck, Growcap Finance CEO, comments, “As one of the leading alternative providers of finance in the UK, we believe this is the perfect fit for Growcap Finance 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.”
White Oak UK Managing Director, Peter Alderson said:
“We are delighted to announce our acquisition of Growcap Finance, 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 this acquisition provides us with an ideal opportunity to do this.”
“We believe, similar to the UK, the Irish market is largely under supported by banks in SME finance – and that this gap in business lending can be addressed via alternative types of funding. As we make our first steps into the European market, the team at Growcap Finance 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.”
As White Oak IE, we will continue to provide the same level of support and service as we did as Growcap Finance. Critically, this is now backed by an increased resource to deliver more financing, products and opportunities to businesses across the UK and Ireland. We are confident that this will prove to reinforce our offering, providing simple, fuss free solutions to businesses.
We will be formally communicating this to all our clients in due course and we look forward to our ongoing relationship with you as White Oak IE.