The deal was agreed on 13 April and is set to complete in the coming weeks.
Lendco was launched in 2018 as a joint venture between Cabot and SPF Private Clients. Since its establishment, it has lent nearly £3bn and is currently marketing its seventh securitisation under its Atlas funding programme.
Simon Knight, CEO of Lendco, said: “The whole Lendco team is super excited for the next chapter. We have had a great partner in Cabot thus far and we are really looking forward to working with the team at Cerberus to fulfil our growth plans for the business.”
Mark Harris, CEO of SPF Private Clients, said: “Over the last eight years, Lendco has established itself as a leading specialist lender. I’m excited to see what they are able to achieve under their new owners.
“We wish Simon and the team every success and look forward to continuing to support them as a broker.”
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Tarun Sharma, partner at Cabot, said it had been a privilege to partner with Lendco and, under its ownership, the lender had “achieved tremendous growth and success”.
He added: “We are confident the business will continue to flourish as part of the Cerberus investment portfolio.”
Charles Dunlap, head of global financial institutions advisory at Cerberus Capital Management, said: “We see great opportunity in the UK specialist lending space and are very pleased to be adding Lendco to our portfolio of international asset-based finance origination platforms.
“Simon and the team have built a great business and we are excited to support them going forward.”
