Pepper Australia Pty has acquired 100% of the issued share capital of Oakwood Global Finance LLP and its controlled entities.
Pepper has purchased the business from private equity investor, Pamplona Capital Management LLP, and a small group of individual investors comprising current and former members of the Oakwood management team led by Richard Klemmer and Laurence Morey.
Oakwood specialises in valuing, trading and managing portfolios of financial assets, primarily performing and non-performing residential and commercial mortgages, which are exposed to real estate and credit risk.
It also offers UK clients a full range of in-house credit and asset management services including Loan Origination, Primary Servicing, Master Servicing and Special Servicing.
Pepper’s group managing director & CEO, Patrick Tuttle, said: “Oakwood is the UK’s leading specialist loan servicing and asset management platform. Its track record in managing both performing and non-performing residential and commercial mortgage portfolios is second-to-none, and the management team led by Richard Klemmer is among the best in the UK market.”
Michael Culhane, Pepper’s executive chairman, added: “This acquisition further extends Pepper’s servicing-led strategy to acquire high quality loan servicing platforms led by high calibre management teams in our targeted European markets, including Ireland, Spain, the United Kingdom and Italy. As the founder of both Oakwood and Pepper, I am delighted to see these two great businesses joining forces in Europe; I think we will make a formidable combination.”
The London-based Oakwood, which commenced operations in 2002, currently manages a diverse range of loan portfolios on behalf of banking and institutional clients with combined assets under management in excess of A$4.4 Billion. Its main servicing operation is located on Cromwell Road, London and houses approximately 130 permanent staff and a state-of-the-art loan administration and asset management platform.
Tuttle added: “Pepper can now truly claim to be a pan-European loan servicer and asset manager across multiple asset classes and operating in multiple jurisdictions.
“We are fiercely independent and offer professional investors unrivalled expertise in managing both performing and non-performing loan assets adversely impacted by volatile macroeconomic conditions across Europe.”
