THINCATS has delivered its largest loan to date, a £10m facility to support manufacturing in the North East of England.
The peer-to-peer business lender provided the funding to US-based aerospace and defence manufacturing group Dynamic Industrial, which it used to finance its acquisition of Hydram Engineering, a Country Durham-headquartered sheet metalworking company.
ThinCats said it put together a “flexible finance plan” for Dynamic Industrial and funded the loan quickly from institutional investors.
“The acquisition of Hydram provides a strong platform for expansion into the UK and wider European market,” said Don Nystrom, President of the Dynamic Group. “ThinCats worked hard to understand both businesses and showed total commitment to conclude this transaction at pace.”
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“Our priority is helping businesses grow,” said Dave Sherrington, London and South East business originator at ThinCats.
“There are striking synergies between Dynamic and Hydram and we are excited about the new opportunities that this acquisition will bring.”
ThinCats has originated more than £300m of business loans to date. Institutional backing has helped the platform scale up its lending with larger deals. Earlier this year it facilitated a £3m loan for London-based food chain Abokado.