Peter Alderson and Mike Francis each have over 30 years' experience in financial services working for international banks and PE owned businesses with hands on experience in the UK, South Africa, USA, Australia, Middle East and Hong Kong.
We have both have led, developed and exited businesses at large multiples of initial investment.
We have executed several successful acquisitions and their subsequent sales.
We bring a wide range of skills to your business or portfolio with a special focus on management team skills and dynamics, strategy, problem solving and diligence for investors at any stage of the ownership cycle.
We have the experience and flexibility to create the right solution for each opportunity across a breadth of sectors. We are looking for assignments where we can bring our complementary skills to bear on the challenge.
We have both have led, developed and exited businesses at large multiples of initial investment.
We have executed several successful acquisitions and their subsequent sales.
We bring a wide range of skills to your business or portfolio with a special focus on management team skills and dynamics, strategy, problem solving and diligence for investors at any stage of the ownership cycle.
We have the experience and flexibility to create the right solution for each opportunity across a breadth of sectors. We are looking for assignments where we can bring our complementary skills to bear on the challenge.
While designed to be of relevance to the PE investor or portfolio company, we are very happy to work in the wider corporate arena where there is a similar requirement.
To bring some context to where we see our services being most relevant we have identified certain specialisations to generate discussion.
To bring some context to where we see our services being most relevant we have identified certain specialisations to generate discussion.
Portfolio Corporate Strategies
Pre-Acquisition Diligence
Post-Acquisition Diligence
General Health Check
Portfolio review
Management Team Assessment
Pre-Sale Preparation
Direct ManagemenT
Resourcing
Peter Alderson
Partner
With 30+ years of experience building businesses for large financial institutions and PE funds in the UK, USA and Australia. Peter was latterly MD of White Oak UK (previously LDF), one of the largest non-bank lenders to SMEs, leading it through the sale from Investec to Cabot Square Capital and its subsequent sale to funds managed by White Oak Global Partners.
Throughout his career there is a consistent focus on growth and increasing revenues, whether organically, through acquisitions of teams and businesses or by strategic partnerships. Both Mike and Peter strongly believe that having a challenging but effective leadership team with different but complementary skills is critical to building a successful business.
Throughout his career there is a consistent focus on growth and increasing revenues, whether organically, through acquisitions of teams and businesses or by strategic partnerships. Both Mike and Peter strongly believe that having a challenging but effective leadership team with different but complementary skills is critical to building a successful business.
Mike Francis
Partner
Mike is an entrepreneurial chartered accountant with 30 years in financial services, specializing in building businesses and turnaround situations. Mike was latterly Co-Head of Investment Banking at Investec Bank.
Relishing a challenge, and not afraid to take risks, he has proven strong leadership skills and high emotional intelligence based upon listening carefully and being able to identify and optimise strengths and overcome weaknesses. A strong advocate of understanding the chemistry required to create the right environment for success, creating engaged and functional leadership teams, often under the mantra of “Make money and have fun!”
Relishing a challenge, and not afraid to take risks, he has proven strong leadership skills and high emotional intelligence based upon listening carefully and being able to identify and optimise strengths and overcome weaknesses. A strong advocate of understanding the chemistry required to create the right environment for success, creating engaged and functional leadership teams, often under the mantra of “Make money and have fun!”
Mike and Peter have worked together as colleagues, partners and competitors over the last 15 years. Since 2010 they were involved in various guises through the journey of LDF, which saw the development of a small independent broker operating in the Professions and SME market to one of the largest non-bank SME finance providers over a 8 year period. They share some of the detail behind this journey as it demonstrates the varied skills that they can bring to your organization.
In 2008, as CEO of Investec Asset Finance, Mike had performed a strategic review of the UK business finance market and decided to invest in a counter cyclical growth strategy driven by finding valuable businesses which were facing post financial crisis challenges as many players reined back their commitment to the market and also suffered from a lack of liquidity.
“Never miss the opportunity of a crisis”
The outcome was a series of acquisitions of which the two most notable were the acquisitions of Masterlease, the contract hire operations of GECAS/Ally and LDF.
Investec had developed a strong relationship with LDF which had become its largest introducer of business in the small and mid-market SME space, also specializing in the professions market.
Investec acquired the majority shareholding of business and began to develop a new strategy to grow the lending side of the business. The previous owner remained in charge but this was for an interim period and in 2012, Peter transferred from Investec London in to run the business and oversaw the acquisition of the founder’s 25% stake to become a 100% owned subsidiary.
Initial focus was on stabilizing and strengthening a fragmented management team and ensuring that LDF was best in class for compliance and regulatory matters, now that it was a full subsidiary of a FCA regulated bank.
While successful, the business was limited by the size of Investec’s appetite for LDF lending, primarily as Investec had a separate lending infrastructure and operational platform within its core business. Mike and Peter worked together to find the right private equity buyer to give Investec a good return on its investment but also to ensure that it had the ambition and capability to provide LDF with the tools it needed to grow.
In 2008, as CEO of Investec Asset Finance, Mike had performed a strategic review of the UK business finance market and decided to invest in a counter cyclical growth strategy driven by finding valuable businesses which were facing post financial crisis challenges as many players reined back their commitment to the market and also suffered from a lack of liquidity.
“Never miss the opportunity of a crisis”
The outcome was a series of acquisitions of which the two most notable were the acquisitions of Masterlease, the contract hire operations of GECAS/Ally and LDF.
Investec had developed a strong relationship with LDF which had become its largest introducer of business in the small and mid-market SME space, also specializing in the professions market.
Investec acquired the majority shareholding of business and began to develop a new strategy to grow the lending side of the business. The previous owner remained in charge but this was for an interim period and in 2012, Peter transferred from Investec London in to run the business and oversaw the acquisition of the founder’s 25% stake to become a 100% owned subsidiary.
Initial focus was on stabilizing and strengthening a fragmented management team and ensuring that LDF was best in class for compliance and regulatory matters, now that it was a full subsidiary of a FCA regulated bank.
While successful, the business was limited by the size of Investec’s appetite for LDF lending, primarily as Investec had a separate lending infrastructure and operational platform within its core business. Mike and Peter worked together to find the right private equity buyer to give Investec a good return on its investment but also to ensure that it had the ambition and capability to provide LDF with the tools it needed to grow.
In 2013, Cabot Square Capital acquired LDF and immediately accelerated the strategy to grow the business significantly, both as a broker and a lender, creating the first significant hybrid in this market, a business model that is fairly well established by many others now. Investec remained a significant funder to the business providing a £100m funding facility to enable LDF to quickly establish their position as an own book lender.
The availability of equity from Cabot allowed significant changes to be made to the business very quickly.
The availability of equity from Cabot allowed significant changes to be made to the business very quickly.
- New systems and IT resources
- Increase in sales headcount
- Build out of many departments where Investec had previously provided significant support – marketing, finance, compliance
- Look for acquisitions which brought good fundable deal flow and opened up new markets
Equally as important as the capital was the step change in business ambition and the need for a mindset change in all employees to make sure that LDF benefited from the new opportunities and speed of decision that were now part of the business” DNA.
Private capital was supported by new senior debt facilities in excess of £200m to support the growth of lending. This was provided by major financial institutions who understood and supported the plans of the business.
By 2017, the business had grown to a position where it was arranging around £600m of lending per annum with the majority of this being both originated and funded. At this size capital availability was becoming a challenge. Add this to the fact that the current investors were getting to a point where they would be looking to realize their investment sometime in the next couple of years, it was appropriate to look for new owners to take it on to the next stage of the journey. Peter worked with Cabot and Fenchurch as advisors to decide upon strategy and timing of the sale to maximize the chance of success.
In 2018, after a wide-ranging process, the business was acquired by White Oak UK a US based fund manager specializing and looking to build a significant “SME footprint in the European market”.
After 12 months transition and with a replacement in place, Peter “retired” from full time employment.
Private capital was supported by new senior debt facilities in excess of £200m to support the growth of lending. This was provided by major financial institutions who understood and supported the plans of the business.
By 2017, the business had grown to a position where it was arranging around £600m of lending per annum with the majority of this being both originated and funded. At this size capital availability was becoming a challenge. Add this to the fact that the current investors were getting to a point where they would be looking to realize their investment sometime in the next couple of years, it was appropriate to look for new owners to take it on to the next stage of the journey. Peter worked with Cabot and Fenchurch as advisors to decide upon strategy and timing of the sale to maximize the chance of success.
In 2018, after a wide-ranging process, the business was acquired by White Oak UK a US based fund manager specializing and looking to build a significant “SME footprint in the European market”.
After 12 months transition and with a replacement in place, Peter “retired” from full time employment.