Insolvency litigation financier Manolete Partners PLC and investment capital provider Burford Capital Limited have announced a new strategic partnership.
The deal will see Burford become a 16% shareholder in Manolete and provide co-funding for Manolete’s insolvency litigation investments.
Steven Cooklin, Manolete founder and managing director, said: “When I founded Manolete in 2009, after a successful corporate finance career at HSBC, I was intrigued with the unique opportunity to apply capital to the UK insolvency litigation market.
“Manolete has succeeded beyond my expectations, and Burford’s capital and strategic collaboration will enable us to take Manolete far beyond the next level.”
In the four years since Manolete’s foundation, the company has seen growth of more than 100% each year.
Manolete is backed by Jon Moulton, one of the UK’s leading private equity investors, and Punter Southall’s P-Solve business, one of the UK’s leading investment advisors.
Both Manolete and Burford have seen strong growth in the insolvency market and Burford has initially earmarked up to £10 million for its co-funding of Manolete’s investments.
Christopher Bogart, Burford’s chief executive, said: “The UK insolvency litigation market is a unique environment. It is not yet subject to the Jackson reforms and it permits the direct purchase of claims
“Manolete has done a superb job of developing this market and we look forward to working with Steven and his team to continue Manolete’s high growth strategy.”