Elliott and Bantry Bay launch joint venture for asset-based lending

The new lender will provide up to £100m for businesses undergoing change.

Bantry Bay Capital and Elliott Advisers have set up a joint venture to lend to corporates undergoing change.

The deal will see Elliott provide financial resources to Bantry Bay to support its growth. Bantry Bay provides supportive and non-dilutive debt to corporates with a focus on asset-based financing. It targets transactions ranging from £10 million to £100 million ($137 million; €117 million) for both private and public companies in an array of industries.

Jonathan Levine, partner at Bantry Bay, said: “Our joint venture with Elliott is an important step forward for our business. We are well positioned to support corporate needs with flexible capital at a time when the current environment has created even greater uncertainty for business.”

Assets which Bantry Bay can lend against include real estate, plant and machinery, inventory, receivables and intellectual property. It targets firms in the UK, Germany, Netherlands, USA and other select geographies. It can lend as a partner to bank debt or junior capital or as a standalone solution.