Livingbridge today announces that it has reached an agreement to sell the majority of its stake in the ENRA Group, the specialist provider of mortgage finance, to Exponent Private Equity.
ENRA lends and brokers short term bridge mortgages as well as distributing specialist second charge and buy-to-let products. Livingbridge first invested in ENRA in 2014 and provided follow on investment to fund the acquisition of West One Loan limited. The business has enjoyed strong growth on the back of its bespoke manual underwriting process that allows it to offer a superior customer centric approach. ENRA is unique in both lending from its own balance sheet and placing loans with external investors via its West One platform, in addition to operating a leading master broker under the Enterprise brand.
Danny Waters, CEO of ENRA, said: “ENRA is well positioned to continue to offer innovative solutions to customers in a market that is evolving at a rapid pace. Over the last three years we have invested in infrastructure and people and it is very pleasing to see the return of that investment. The partnership with Livingbridge has been very rewarding and their support has allowed the business to grow five-fold in just 3 years.”
Shani Zindel of Livingbridge said: “We are very proud of our investment in ENRA. Danny and the team have done a fantastic job. The business has grown from a niche broker of loans to a leading provider of lending solutions – organically and through the acquisition of West One Loans. The investments made in people, IT, sales and marketing have yielded extremely impressive results – ENRA has grown successfully on every level. We are pleased to be able to continue as shareholders and look forward to the next stage of growth.”
The transaction is subject to FCA approval.
Advisers to the shareholders were Livingstone (corporate finance) – James Lever; Travers Smith LLP (legal).