Arrowpoint Advisory has advised the shareholders of ENRA Group, including Livingbridge, on its sale to Exponent Private Equity. ENRA Group is a specialist provider of mortgage finance.
This is the fourth transaction the Arrowpoint Advisory team have advised ENRA on, previously introducing exiting Chairman, David Campbell, on his investment in 2013, raising growth capital from Livingbridge in 2014 and their subsequent acquisition of West One Loans, also in 2014.
ENRA lends and brokes short-term bridge mortgages as well as distributing specialist second charge and buy-to-let products. The business has enjoyed strong growth on the back of its bespoke manual underwriting process that allows it to offer a superior customer centric approach. ENRA is unique in both lending from its own balance sheet and placing loans with external investors via its West One platform, in addition to operating a leading master broker under the Enterprise brand.
With the backing of Exponent, ENRA has plans to expand into the specialist buy-to-let and second charge mortgage market, continuing to focus on products that meet the needs of underserved customers in a sector that is experiencing significant change. David Stewart, former CEO of Coventry Building Society, will join the board as Chairman, and brings a wealth of experience in long-term secured lending.
Danny Waters, CEO of ENRA, said: “This is the fourth deal that James Lever and the team at Arrowpoint Advisory have advised me on since I first met them in 2012. They have played a key role in helping us execute our strategy, financing the growth of the business and have provided invaluable support to the management team. This process and transaction has been highly complex but they have helped us reach an outcome that all stakeholders are extremely happy with.”
Shani Zindel, Partner at Livingbridge, added: “Arrowpoint Advisory introduced us to ENRA in late 2013 as part of a formal fundraising process. They had previously worked with David Campbell who invested as Chairman earlier in the year. This initial deal was key to being able to present a rounded team and business poised for significant growth, and they did an excellent job building competitive excitement around the opportunity. We were thrilled when we won the deal. They subsequently worked on the West One acquisition, and when it came to the exit, they were a trusted and obvious choice to advise all the shareholders. They did a first class job in what was a complex and technically difficult deal, and we are very pleased with the outcome.”
James Lever, Managing Director at Arrowpoint Advisory, commented: “We are delighted to have advised ENRA and Livingbridge on another successful transaction. Danny, David and the management team have led the business on an impressive strategic journey and it has been a pleasure to assist them along the way. The specialist lending market is now undergoing considerable change and we strongly believe that ENRA is uniquely positioned to capitalise on this through their multiple routes to market and flexible funding model.”