Specialist development finance lender Pivot Lending has completed a management buyout (MBO) and secured a debt and equity package worth over £100m from private equiy manager Foresight Group.
Left to right: Emmett, Kotecha and Wu
The MBO and capital raising was led by Pivot chief executive Shahil Kotecha and capital director PakSan Wu.
Pivot said securing the package was a milestone and would significantly strengthen its capital structure and expand its funding capacity, boosting its ability to support small and medium-sized property developers across the UK.
It will allow the firm to increase its maximum loan sizes to £15m, supporting larger or more complex short-term finance and development schemes.
It will also enable it to expand to more property types including the residential, private rented sector, commercial, care, purpose-built student accommodation and hospitality sectors.
As part of the move, Graham Emmett will become non-executive chair.
Kotecha said: “This new capital base enables us to accelerate our growth by scaling up our loan book, expanding our product suite and enhancing our technology.”
Foresight Group director Oliver Bates added: “The transaction is an important strategic investment for Foresight’s private credit offering, highlighting our ability to invest at scale and across the capital structure into high-quality specialist lenders.
“Pivot has built an impressive presence in the development finance market and we are delighted to back a team with strong sector capability and a clear vision for market leadership.
“We look forward to supporting Shahil, Graham, PakSan and the wider team as they accelerate growth and broaden their offering to developers across the UK.”
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