Beringea has hired the founder of European venture debt specialist EVP to run its growth finance business, the firm announced in a statement Wednesday.
Mark Taylor will join the media and healthcare private equity firm from National Australia Bank (NAB), where he managed growth finance through their Clydesdale and Yorkshire operations. In addition to his work with NAB and EVP, Taylor also managed two venture debt vehicles through Noble Venture Finance, which have provided more than £120 million to 46 companies since their inception.
“We have followed this sector for some time and are pleased to be announcing our move into debt-based Growth Finance,” managing partner Stuart Veale said in a statement. “We see debt-based Growth Finance as complementary to our Growth Capital investment business and believe it will bring us into contact with a wider cross-section of UK businesses.”
Beringea Growth Finance will provide between £1 million and £5 million in debt financing for companies planning equipment purchases or in need of working capital. The firm can provide facilities in Sterling, Euros or US currencies with repayment periods ranging from 36 to 48 months, according to a statement.
Following the collapse of credit markets during the downturn, the firm now considers the market to be active enough to support a growth finance business, a spokesperson told Private Debt Investor. The contraction of lending activity from banks and government support for the development of a more diverse debt and equity finance market for SMEs also contributed to the decision.
The firm has not ruled out the possibility of raising a growth finance fund, they added.
Beringea is a private equity firm that specialises in providing capital to businesses in the healthcare and media industries, among others. The firm maintains offices in London and Detroit.