- Key investors include Glendower Capital, Strategic Partners (Blackstone’s Secondaries Division), BMO Global Asset Management (BMO) and Bluegem GP;
- Founded in 2007 by Marco Capello and Emilio Di Spiezio, Bluegem Capital Partners is a London-based private equity firm focused on staple consumer brands;
- Since March, OakNorth Bank has approved over £650m in new loans to support a hotel development, a fund buy-out and a nursery expansion. Of the £650m, £230m are through the government’s Coronavirus Business Interruption Loan Scheme (CBILS), and the Coronavirus Large Business Interruption Loan Scheme (CLBILS);
- Marlborough Partners were the advisors on the transaction.
OakNorth Bank – the UK bank powered by OakNorth – has completed a subscription facility to Bluegem Capital Partners. Key investors include Glendower Capital, Strategic Partners (Blackstone’s Secondaries Division), BMO Global Asset Management (BMO) and Bluegem GP.
Founded in 2007 by Marco Capello and Emilio Di Spiezio Sardo, Bluegem Capital Partners LLP is a private equity firm based in London, which predominantly invests in European consumer brands businesses, such as Liberty London, Mamas&Papas, Iconic London, Medavita and more. The company presently has AUM to the tune of £420m+ across its three funds (Fund I, Fund II and Secondary LP).
Commenting on the deal, Emilio Di Spiezio Sardo, Co-founder of Bluegem Capital Partners, said: “This deal showcases the breadth of Mohith and the OakNorth Bank team’s understanding of the Funds Finance space, ability to provide a bespoke facility and the bank’s overall speed – a truly unparalleled experience to see a lender turnaround a deal in just a few weeks, even in these unprecedented times.”
Mohith Sondhi, Senior Director, Debt Finance at OakNorth Bank, said: “Bluegem are a fund with considerable experience who have an excellent track record. It was a delight working with them, Glendower and Marlborough Partners. With this facility we were able to demonstrate how our bespoke funding solutions apply to funds just as much as SMEs. At a time when most lenders are receding from the market, we’ve continued to support businesses and have approved over £650m in new loans since the beginning of lockdown. I look forward to strengthening our relationship with Bluegem Capital Partners, as well as supporting their future endeavours.”
END
Notes to editors
About the Coronavirus Business Interruption Loan Scheme (CBILS)
CBILS is demand-led scheme offering lending to smaller businesses with turnover of up to £45. Invoice finance and asset finance facilities are available from £1k to £5m, while term loans and revolving credit facilities are available from £50k to £5m. The government makes a payment to cover interest and lender-levied fees under CBILS for the first 12 months. The scheme is due to close for new applications on 31 January 2021.
About CLBILS
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible business loans (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.
Since its launch, the bank has:
- Lent almost £4.5bn, directly helping with the creation of 15,000 new homes and almost 20,000 new jobs in the UK;
- Raised deposits from c.144,000 savers;
- Supported over 750 businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit wordpress-test-website.oaknorth-it.com for more information.
Contact
Stephanie Kendall, Associate Director – Growth & Communications: [email protected] / [email protected] / 07752 429643