Wesleyan strengthens banking services with new acquisition

SPECIALIST financial services provider Wesleyan has expanded its operation with a new acquisition in a deal advised out of Birmingham.

The Birmingham-based mutual has acquired Syscap Holdings Ltd, from a fund advised by AnaCap Financial Partners. Syscap is the UK’s leading independent provider of short term business loans, IT leasing and asset finance.

The terms of the acquisition have not been disclosed.

Wesleyan, which supplies services to doctors, dentists, lawyers and teachers, said the deal strengthened its position in the short term loans market and extended its range of commercial services to include the provision of IT leasing and asset finance.
 
Craig Errington, Wesleyan’s chief executive said: “This is an exciting acquisition for us; Syscap is a strong, successful business that operates in professional markets very similar to our own.  They also have the same strong focus on quality specialist service, based on a real understanding of their customers’ needs.  There is a great synergy with the services we currently offer through Wesleyan Bank where we already have a successful short term loans business.
 
“This is good news for our customers who will now have access to an increased range of business finance and leasing options through Wesleyan, as well as being able to meet their personal financial needs.”
 
Bryan Jackson, Wesleyan chairman added: “We are committed to growing the business in a managed way and in line with our mission to be the best in our chosen markets. This acquisition is a clear intent of our desire to increase the range of services available to our customers while building on our existing capabilities.”
 
Philip White, who has been with the company since 1993, remains at Syscap as managing director.
 
He commented: “It’s great that we are becoming part of an organisation that has a real understanding of the work we do in the Professions and IT leasing space. Wesleyan is one of the UK’s financially strongest mutuals with a great heritage and a keen eye on the future.  It’s an exciting time for Syscap to be joining the group as Wesleyan continues on its programme of growth.”
 
Syscap’s 69 staff will remain based in their current offices in New Malden and Northwich.
 
Wesleyan was advised by Deloitte’s dedicated regional financial services team, which provided lead advisory, transaction due diligence and structuring advice. The Deloitte teams were led by Darren Boocock, Simon Thompson, Richard Monahan and Peter Croom. Legal advice was provided by The Wilkes Partnership, led by Jeremy Parkin.
 
Monahan, director in Deloitte’s Corporate Finance Advisory team said: “We are delighted to have advised Wesleyan on this landmark transaction. Using our specialist knowledge of the short-term finance sector, together with our significant transaction expertise, we were able to support our client throughout the process.  
 
“The deal is a great one for all concerned; Syscap will enjoy being part of the Wesleyan family and will flourish as Wesleyan provides the support and resources to help drive Syscap’s exciting growth plans.”
 
Boocock, corporate finance partner at Deloitte in Birmingham, added: “Deloitte is the only Midlands based Corporate Finance team with a complete specialist financial services M&A offering, and therefore the only local team that could deliver in this way. I am extremely proud of what all those involved have brought to this deal and ultimately what they’ve achieved for our client.”
 
AnaCap was advised by IMAS Corporate Finance with legal advice provided by CMS. Management were advised by Marriott Harrison.