Belfast-headquartered asset-based lending (ABL) specialist, Upstream, has successfully completed a management buyout (MBO) of the business, bringing it back into full local ownership.
The MBO team, led by original Upstream founder, Judith Totten MBE, has secured an agreement to buy the business back from the US securitisation fund, which acquired Upstream in June 2021.
Founded in June 2011 as a boutique SME funding provider, 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 new £150 million facility to accelerate the ambitious and sustainable expansion of the business.
Led by industry experts with deep sector experience, Upstream has a dedicated team of receivables and structured ABL specialists, a cohort which will grow further this year and into 2025, creating new employment opportunities within its growing team.
Upstream has built a reputation for flexibility and agility in providing tailored solutions to business owners.
The company guarantees local businesses access to an autonomous, local decision-maker which understands the importance of swift and clear feedback, coupled with guidance and direction in structuring the most appropriate funding facility.
Upstream Founder and Chief Executive Officer, 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.
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.”
Connor Marshall-Mckie, Investment Director at Pollen Street Capital, said:
"We are excited to work with Judith and the Upstream team on this new facility. Upstream have delivered impressive growth and strong performance in their structured ABL product, a perfect fit for our senior asset-backed credit strategy. We look forward to working with the team further scaling the business across the UK and Ireland.”
Upstream Operations Director, Bill Hichens, adds:
“The timing of this announcement could not be better. The SME and mid-corporate funding landscape has changed dramatically, accelerated by global economic instability. Businesses now require multi-layered funding approaches to maximise growth potential.”
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