Beringea launches new debt-based Growth Finance business with the appointment of Mark Taylor
September 14th 2013
Beringea moves into debt-based Growth Finance
(London, UK) Beringea, the Growth Capital investor that manages the Proven Venture Capital Trusts, today announces that it is creating a new debt-based Growth Finance business with the appointment of Mark Taylor.
Mark is a pioneer of venture and growth debt-based finance in Europe having been a founder partner of EVP, Europe’s first venture debt business, for Dresdner Kleinwort Benson in 1998. Thereafter he went on to create and manage Noble Venture Finance, with the launch of NVF I in 2003 and NVF II in 2007. NVF I & II together provided over £120 million to some 46 companies throughout Europe including ApaTech (acquired by Baxter Healthcare); Complinet (acquired by Thomson Reuters); Garlik (acquired by Experian); The Cloud (acquired by BSkyB) and Ubiquisys (acquired by Cisco).
He joins from National Australia Bank where he was a founder Director of the Growth Finance business for their Clydesdale Bank and Yorkshire Bank operations in the UK back in early 2011. Over the last 15 years he has arranged over £150m of debt-based finance for more than 60 companies throughout Europe.
The new Beringea Growth Finance business will focus on fast growing businesses, providing debt-based finance of between one and five million pounds for planned equipment purchases or working capital requirements. Facilities can be provided in Sterling, Euros or US dollars over repayment periods typically of 36-48 months. Unlike a bank or finance company, Beringea Growth Finance will not usually require cash deposits and offsetting balances as a condition of a facility and is able to commit significantly more senior resource to the company.
Managing Partner Stuart Veale commented: “We have followed this sector for some time and are pleased to be announcing our move into debt-based Growth Finance. We are delighted to have attracted Mark, with his significant experience in this sector. 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”.
Mark Taylor said “I am delighted to be joining such an established and successful group as Beringea. I believe they are well placed to maximize the potential of a new debt-based Growth Finance business with their strong UK presence and international outlook through their office in Michigan, USA”.