19 January 11
London, 19th November 2010: Merchant House Group PLC (“Merchant House Group”), the AIM-listed merchant banking and financial services group, has today announced the launch of an expanded corporate finance business under the brand Merchant Pensum. The business will trade as a division of Merchant Capital Limited (“Merchant Capital”), a wholly-owned, FSA-authorised subsidiary of Merchant House Group PLC.
Merchant Pensum acted as introducer for Craig Whyte on his potential acquisition of a majority shareholding in Rangers Football Club PLC from Murray International Holdings.
Merchant Pensum has been created through a merger of the corporate finance division of Merchant Capital and the business of Pensum Partners Limited, a cross-border corporate advisory and consulting firm.
The new business will offer advice and solutions on debt and equity fundraising for private companies (including angel, venture turnaround and expansion capital), restructurings, mergers and acquisitions (both private and public) and IPOs. One of the key strengths of the business will be its ability to use the wide range of services and expertise offered by Merchant House Group, which include lease finance, structured products, pre-IPO funding, foreign exchange trading, broking and investment fund management, whilst retaining a strong, independent and client-focused approach.
Another key strength of Merchant Pensum is the cross-border experience and network which it enjoys. It is in the process of preparing to open offices in Hong Kong and is looking to expand quickly to New York. It is also in preliminary discussions about establishing a presence in mainland China.
The key figures at Merchant Pensum are Thordur Hlynsson, Andrew Homewood and Steinar Kristjansson, who will be working closely with Christopher Day, Chief Executive of Merchant House Group PLC.
Thordur has wide experience in banking and corporate finance. Prior to joining Merchant Pensum, he worked at Landsbanki Securities UK where he specialised in advising on public and private mergers & acquisitions, restructurings and fundraisings across various sectors.
Andrew is a specialist in private equity funds and corporate finance with over 19 years of experience in finance and in global economic consulting in the UK, US, Japan and Hong Kong. In corporate finance Andrew is experienced in small and mid cap companies across high tech, renewables, energy, natural resources and IT/telecommunications.
In private equity Andrew has designed and established a number of investment funds in high tech, energy, natural resources and property. His expertise covers tax structuring; fund and investment manager structure/domicile; valuation; financial forecasting; market analysis; and hedging arrangements.
Steinar has an extensive experience in advising cross-border deals specifically in the global food, leisure and clean-tech industries. From 2005 to 2008, he held the position of Director in Corporate Finance at Teather & Greenwood / LBS Securities UK. Steinar originated and completed the acquisition of West Ham United Football Club by WH Holding Ltd, in a deal worth £108m.
Christopher Day, Chief Executive, Merchant House Group PLC, said: “We are excited by the potential for business offered by partnering with Pensum and creating Merchant Pensum. Our work for Craig Whyte is indicative of Merchant Pensum’s pragmatic, creative approach towards finding solutions for our clients.”
Steinar Kristjansson, Senior Adviser, Merchant Pensum, also commented: “I am delighted to join the team at Merchant. Merchant Pensum will offer a unique opportunity for mid-market companies to access an international network of advisers and financiers and I am looking forward to working with an expert team to deliver the best possible corporate finance solutions for our clients.”