OakNorth Bank has completed a debt finance loan as part of an equity deal for Aptus Utilities, the UK’s leading provider of multi-utility services.
Aptus Utilities provides a utility solution that streamlines and expedites building processes for construction companies throughout the UK.
Private equity firm WestBridge has invested £12.8m into the deal.
Aptus has supported construction companies based across Northern England, the Scottish boarders, the Midlands and Wales.
The funding will join OakNorth Bank and WestBridge with the existing management team to assist with the delivery of business growth plans.
Lisa Kerford, managing director at Aptus said: “Stewart Haworth, Dan Martin and the wider OakNorth Bank team have proven to be an ideal partner, taking the time to fully understand the business and finding a way to structure a transaction to meet the objectives of all parties.”
Stewart Haworth and Daniel Martin, debt finance directors based out of OakNorth Bank’s Manchester office said: “We’re delighted to have supported this deal, which is one of the first transactions sourced and completed from our new debt finance team in Manchester. Aptus is a leading player in its field and we’re looking forward to working with the wider management team and WestBridge, supporting the business as it goes from strength to strength.”
OakNorth Bank has recently expanded its debt financing team by opening offices in Birmingham and adding four new senior hires to the team.
Steve Mitchell and Marcus Hook will be based out of the new office. Mitchell spent more than six years at Santander with his former colleague Hook.
This comes following an announcement earlier this year which saw the bank appoint a group of debt finance directors to oversee lending operations out of its Manchester office.
Since then the Manchester team has grown to five people with several transactions led by the team.