ThinCats ranks top of M&A debt providers in London in 2022
ThinCats has continued to drive the rise of non-bank lenders as a source of funding for UK businesses by becoming the first alternative lender to top Experian’s national annual table of M&A debt providers. In Experian’s 2022 M&A Review, ThinCats provided funding for 71 transactions ahead of HSBC, who have ranked as the top provider for many years, funding 65 deals.
London, the epicentre of UK M&A, saw companies based in the capital account for around 36% of all transaction volume. Alternative lenders were particularly active in 2022, with ThinCats leading the rankings on 20 deals.
A significant driver of this success was the expansion of the London Sponsor team led by Dave Sherrington, who delivered record levels of funding in 2022. This reflected the wider London market with a total of 788 transactions in London having a private equity aspect to their funding last year - up from 711 in 2021 – even as overall deal volume declined.
Following key appointments of Neil Patel and Michelle Heptinstall, new partnerships with mid-market PE firms were established leading to a number of deals including Palatine’s investment in Inclusive Employers.
London’s tech sector provided 38% of total deal volume in 2022 (up from 36%in 2021), with digital infrastructure, cyber security and fintech seeing robust activity. We also saw an uplift in transactions in the industry, and supported Chiltern with their investment in SiXworks, a rapidly growing designer and implementer of specialist and complex IT solutions for highly secure critical risk environments within the public sector.
Commenting on the review Dave Sherrington, Regional Head of Sales and Private Equity; “This report shows how alternative finance providers like ThinCats haven’t just disrupted the old guard but are now leading the market for these types of transactions. I am very proud of the work our team is doing with sponsors and advisers from across the finance community in London and the South East to support ambitious and growing mid-sized businesses.”
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