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BMS Finance (Ireland) to sell all loan assets

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BMS Finance (Ireland) to sell all loan assets

BMS Finance (Ireland) SARL agreed to sell its entire loan assets at book value to BPC Ireland Lending DAC, a fund managed by Beach Point Capital (Ireland) DAC.

Alternative finance investor GLI Finance Ltd., which owns a 30.3% interest in BMS Ireland, said July 3 that it expects to receive approximately £7.0 million in cash consideration, including £275,000 payable to wholly owned unit BMS Finance Ltd.

As part of the deal, one of three BMS Finance employees who will depart and enter into new employment contracts with Beach Point Capital (Ireland) will sell his entire stake of 3,926,692 GLI Finance ordinary shares to Sancus BMS Group, a wholly owned unit of GLI Finance. Sancus BMS will own 9,452,521 GLI ordinary shares after the transaction, representing 3.0% of the company's issued share capital.

The sale — which is subject to approval from BMS Ireland shareholders, among other things — is expected to close on or before Aug. 1. Net proceeds from the transaction will be used for general investment purposes, including the launch of Sancus BMS' property-backed lending business in Ireland in August.

GLI Finance said BMS Ireland will be wound up after the transaction, while BMS Finance will cease to be an investment adviser to BMS Ireland, which had gross assets of €25.4 million at 2017-end.