Short term UK loan provider Amicus Finance has acquired London-based brokerage, Norton Folgate Capital Group Limited, including Norton Folgate Capital Consulting LLP.
Amicus, previously known as Capital Bridging Finance, has secured an initial stake of 75% in Norton Folgate Capital Consulting LLP with the remaining 25% being held by the incumbent partners.
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The terms of the deal have not been disclosed.
Norton Folgate’s ownership has changed hands and been developed several times since 2007. Originally sold by Robert Keep to General Capital in 2007, Norton Folgate was bought back by Keep in 2009. The business then grew into wider asset finance provision, before Keep set up the limited partnership in 2011. Norton then underwent a management equity stake buy-in in 2013, admitting five of his executive team into the partnership.
Robert Keep, founder and principal of Norton Folgate said: "Norton Folgate has been a well-regarded asset finance business since 1996 and has placed asset finance, leasing and loan receivables worth around £400 million (546.33m). This transaction enables us to remain customer centric and committed to the direct to market channel but also work with a very small number of brokers and other finance companies wishing to syndicate deals."
Chief executive officer of Amicus John Jenkins, said: "We have been building a specialist, short term lending business for several years and we see Norton Folgate as a strategic extension to our operations."
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By GlobalDataAmicus’ website describes it as ‘a short term, property-based bridging financer selling to private and corporate borrowers: landlords, developers and owner-occupiers.’
