An expanding provider of short-term real estate loans has secured a £70m investment, with two Bristol law firms advising on the transaction.
Foot Anstey worked with Quilam Capital while Osborne Clarke supported Foresight Group. Both are long-term clients of the firms.
Under the funding round, Foresight will provide senior debt, while Quilam, will offer junior capital and equity of £40m.
The transaction will provide Pivot with working capital facilities to support the expansion of its platform’s technology capabilities and lending products.
Founded in 2012, London-headquartered Pivot provides specialist loans to support hundreds of developers and clients create thousands of homes and commercial properties across the UK.
The company was established with the mission of making the borrowing process as simple as possible.
Established in 2017, Quilam Capital is a specialist investor in the speciality and alternative finance sector. It supports its portfolio in accelerating business growth by providing flexible growth capital and strategic management support to maximise value and realise ambition.
The Foot Anstey team advising Quilam Capital included head of corporate and private equity Matthew Stoate and managing associate Dominic Cromwell supported by solicitors David Jones and Benjamin Smith.
Benjamin has been on secondment since September at Quilam, where he supported both Quilam and Foot Anstey teams to complete the transaction in a short timeframe.
He said: “I have thoroughly enjoyed my time at Quilam and most recently helping them deliver their strategic investment in Pivot.
“It has been a great investment for all parties and I look forward to seeing Pivot’s growth trajectory following Quilam’s capital deployment.
Foot Anstey managing associate Dominic Cromwell, pictured, added: “We’re very pleased to have been trusted once again to help Quilam Capital in their investments. It’s been an exciting period for Quilam Capital following on from the success of the investments in Raylo, Momenta Finance and Tandem Bank.”
Quilam Capital director Alex Scott added: “Having worked with Foot Anstey now for many years they have come to be a pivotal and trusted advisor to Quilam.
“The deep technical experience in the team comes balanced with a pragmatism and commercial approach, which we really value.”
Fieldfisher acted for Pivot while Macfarlanes also advised Quilam Capital.
