Bridging finance lender Cheval has been bought by investment partnership Credit Investments, one half of which is the UK owner of Domino’s Pizza.
Credit Investments is owned Colin Halpern and Ellis Sher. Halpern is an experienced entrepreneur who bought in 1993, with his brother Gerry, the UK and Ireland franchise for Domino Pizza. Together the brothers built up the Milton Keynes based franchise operation Dominos Pizza Group, seeing for 2006 group sales of 81.7m with operating profits of 10m.
Sher has spent seven years at Investec Bank developing and expanding the Banks private client structured finance capabilities.
Cheval, which opened for business in 1995, says it’s enjoying a record year on the back of its efforts to establish a bridging finance trade body, based on its own code of conduct, its commitment to regulation and total business transparency.
Benson Hersch, managing director of Cheval, says: This is great news for Cheval and its customers. We have reached a level where further growth needs additional capital to develop the business.
“We could have continued to grow organically, but with Credit Investments now behind us, we have the backing to build a commanding position in this important market segment.
Ellis Sher, director of Credit Investments, says: We are delighted to be involved with a dynamic company like Cheval. We have been particularly impressed with its long term plans and the energy and expertise of its staff.
“We have ambitious plans for the business and the sector and believe that the combination of a capital infusion, our active involvement and Chevals outstanding management team will mean that Cheval can take its place as the premier brand in the bridging marketplace.