Belfast-headquartered asset-based lending (ABL) specialist Upstream has completed a management buyout (MBO) of the business, bringing it back into full local ownership.
Led byJudith Totten MBE, who herself founded Upstream in 2011 as a boutique SME funding provider, the local team has secured an agreement to buy the business back from the US securitisation fund which acquired it in June 2021.
Over the last 14 years Upstream has evolved into a specialist leading structured ABL lender, challenging the mainstream market with a comprehensive and tailored offering for SME and mid-corporate business owners.
The business has successfully scaled tenfold post-Covid, and this new step assures that this rapid growth trajectory and evolution will continue with a focus on acquisition and product diversification across the UK and Ireland.
Pollen Street Capital has provided a £150 million facility to accelerate the ambitious expansion of the business.
Led by industry experts with deep sector experience, Upstream has a team of receivables and structured ABL specialists, which will grow further this year as new employment opportunities are being created.
Upstream has built a reputation for flexibility and agility in providing tailored solutions to business owners.
It guarantees businesses access to an autonomous local decision-maker which understands the importance of structuring the most appropriate funding facility.
Upstream founder and chief executive Judith Totten said: “This significant new partnership with Pollen Street Capital will give us the bandwidth and fire power to support more ambitious entrepreneurs, with a much broader service offering.
“This MBO brings the Upstream business back under the full control of the local team, positioning us for growth through acquisition and diversification into new markets and services across the working capital, structured ABL and receivables spectrum.
“We remain sector agnostic but now have the capital for larger structured finance deals and a full ABL suite of facilities, securing our place as the ‘go to’ for growth funding.”
She added: “Amid economic headwinds and with traditional lenders adopting a more cautious approach, our relationship with Pollen Street Capital could not come at a better time.
“Supported by Pollen Street, we look forward to growing our footprint – and our team – across the UK and Ireland to help our clients achieve economic excellence. Our clear strategy now is to drive for scale.
“Pollen Street Capital’s partnership ethos aligns with our goal to support ambitious and visionary business owners.”
