PSource Capital has acted as financial adviser to Jersey based finance business, Acorn on the share sale and funding agreement. PSource Capital advises on public and private transactions, fundraising, debt advisory and M&A with a focus on the financial services and energy/infrastructure industries.
Acorn is a profitable, well respected and market-leading Jersey based asset and consumer finance business, which has built up its reputation for client service over the last 12 years. At present it has a lending book of £35.6m, and it is the intention of management to grow this significantly over the next few years. As a consequence, in addition to their equity investment set out above, BIL, Sealyham and clients of Ravenscroft Limited have agreed to provide future funding by subscribing for preference shares in Acorn.
David Lowe, Chairman of BIL said “The purchase of Acorn once again demonstrates BIL’s desire to acquire significant stakes in profitable and well run Channel Island based businesses. We look forward to working alongside Sealyham and the senior management team lead by Richard, in growing the business over the coming years”.
Tom Scott of Sealyham said “We are extremely excited about the future prospects for Acorn and to be in a position to back its future growth alongside BIL. Richard has created an excellent business and we will support him to take it to the next level”.
Richard Harrop, CEO of Acorn said “I am very pleased to welcome my new investors in the form of BIL and Sealyham. My team and I have worked very hard to get the business to where it is now and I believe that BIL and Sealyham’s investment is a vote of confidence in this achievement. I believe that both investors are organisations we can work with and that their financial backing and business knowledge will help us in the next stage of our development”.