AnaCap acquires Ruffler

Marking the first acquisition of a deposit-taking bank by a private equity firm, London-based AnaCap Financial Partners has acquired Ruffler Bank from its shareholders for an undisclosed sum.

AnaCap intends to inject an additional £80m of equity into the bank over the next few years. The new capital will fund the bank’s expansion of funding to SMEs. Following the acquisition, AnaCap will a have a Tier One capital ratio of more than 40%.

Philip Monks, a former managing director of Barclays Bank subsidiary Gerrard Investment Management, will become CEO of Ruffler and will lead a management buy-in team.

Monks said: “This opportunity to redefine the role of a bank at a time when so many competitors are distracted by the need to rebuild their balance sheets is compelling. Success will come from delivering focused specialist support to specific market sectors.”

Founded in 1969, Ruffler focuses on providing individual customers and SMEs with short and medium term commercial finance.

AnaCap expects to merge Ruffler with its commercial mortgage lender, Base Commerical Mortgages with the aim of expanding its lending platform.