From: 10/2016

Logo Together

The Deal


In September 2006, Equistone invested £115.2m for a significant minority stake in Together, formerly Jerrold Holdings.


Headquartered in Cheshire, Together has been a secured lender for over 40 years, offering short-term finance, auction, residential, commercial and buy-to-let mortgages and secured loans.


The business typically operates in the niche areas where high street banks are not present and is reliant on wholesale, securitisation and bond markets for its operational funding.


During the investment period, Equistone has worked closely with the management team to develop the business by:


  • Investing a further £12m to support a £700m bank and securitisation extension in November 2007.


  • Supporting a number of successful refinancings of the business and extending existing as well as raising new facilities. Its loan book, which has increased by over 300%, currently stands at £1.8bn.


  • Supporting the extension and expansion of the group credit facility to £1.5bn.


  • Improving the company’s corporate governance with the appointment of four non-executives, five board directors and the development of separate board structure and formal committees.


As a result, Together has demonstrated strong revenue growth with turnover increasing from £95.6m in 2006 to £212.0m forecast for the financial year ending 30 June 2016.



The Exit


In October 2016, Equistone sold its Fund II investment in Together to the company’s founder and group CEO, Henry Moser, resulting in exit proceeds (including deferred consideration at par) of £288m plus proceeds received through the life of the investment.