ThinCats, which aims to help the mid-sized business thrive, has secured £75 million mezzanine funding from CPP Investments.
The facility is the latest line of funding “secured by ThinCats and reflects the credit quality of the UK mid-sized businesses ThinCats targets its lending.”
CPP Investments’ funding forms “part of the £700m private warehouse launched in September 2023.”
That facility was one of the largest, dedicated funding lines “with a non-bank lender for mid-market SMEs and currently has deployed £440m.”
ThinCats saw a record level of deal origination “in its financial year ending 30 July 2024, lending £378m to SMEs and continues to rank as the number one non-bank lender for M&A transactions in the UK.”
Ravi Anand, Managing Director, ThinCats:
This funding from CPP Investments demonstrates “the strong appetite from institutions to fund growing UK SMEs and is a testament to credit quality of ThinCats lending process. CPP Investments’ addition to ThinCats diverse range of funders brings ThinCats one step closer to its £2bn loan book target over the next few years.”
Ben Mason, Head of European Credit, CPP Investments said:
“CPP Investments is an active participant in private warehouse funding . We are pleased to be able play our part in funding UK economic growth through ThinCats’ platform.”
At ThinCats , they believe talent, creativity and hard work “should be the drivers of success for mid-sized UK businesses, not access to funding. ”
By combining the latest in data analytics “with traditional lending skills and a regional network of business finance specialists, we create funding solutions from £1m up to £20m that are bespoke to the needs of every SME that we support. ”
As covered earlier this year, ThinCats appointed Chris Pacey to lead agile capital product.
Chris Pacey is said to have more than 20 years’ experience with deep technical knowledge of receivables and ABL products.
Prior to joining ThinCats, Chris was working as Head of Relationship Management at ABN AMRO Commercial Finance.
Chris will work alongside the ThinCats business development team “across the country, in particular, Steven Munt in London/South East, Matt Vincent in the Midlands and Mike Dinnell in the North West.”
Agile Capital provides a holistic funding solution “for businesses where a traditional ABL facility does not meet its total funding requirement and a term loan ‘overfunds’ the business from time to time.”
Ravi Anand, Managing Director, ThinCats said:
“Agile Capital enhances ThinCats proposition to mid-sized businesses by addressing the challenge of funding growth within a working capital intense business. Our simple, but innovative solution of a term loan plus an RCF, fills a market gap and is a valuable addition to our existing suite of facilities. We are delighted to have Chris on board to spearhead this initiative.”
