- In May 2009, the sale of Ruffler Bank to AnaCap Financial Partners was completed following receipt of FSA approval. The consideration was not disclosed
- This transaction was the first ever acquisition of a UK incorporated deposit-taking bank by a private equity firm
- Ruffler Bank was founded in 1969 by the Ruffler family and focuses on providing secured short and medium-term commercial finance to SMEs and deposit products
- After 40 years with the bank, the Chairman and principal shareholder decided to retire
- As part of the deal, AnaCap has committed £80 million of new equity to broaden the bank’s product offering and build the bank into a leading SME lender
“I believe Asgard achieved an excellent price for the business in what must be considered one of the most difficult markets that has existed in recent times. Asgard helped prepare the business for sale and contributed significantly to a lengthy and detailed negotiation process based on their extensive knowledge of the market. The mandate included the complex regulatory aspects surrounding FSA approval for Bank change of control. Advice was consistently timely, relevant and experienced and therefore I would have no hesitation in recommending Asgard.”
Roy Ruffler, Chairman and principal shareholder
- Asgard Partners acted as sole financial adviser to the vendors
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