British Business Investments, the commercial arm of the British Business Bank, has announced a commitment of £30m to TDC’s second fund – part of its £237.6million final close.
The fund will provide investment opportunities in the UK’s regional deals market. Its focus will be to fund transactional activity across the smaller business space; supporting expansion into diversified sectors.
To date, Manchester-based TDC, a regional debt fund, has raised funds of c£330million and has invested £160million into 14 growing businesses across the UK. This capital has assisted a range of financial transactions, including MBOs, acquisitions and refinancing, for businesses that collectively employ more than 6,500 staff and turnover c.£2billion.
Catherine Lewis La Torre, Chief Executive of British Business Investments said: “We are pleased to have made a commitment to TDC’s second fund that will focus on the market in the North of England and Midlands. As the commercial arm of the British Business Bank, British Business Investments is proud of our work helping to tackle regional imbalances by supporting funds which back UK smaller businesses outside of London and the South East.”
Gary Davison, partner at TDC said: “We are delighted to be able to announce the successful close of Fund II and to have attracted a strong and experienced investor base and we are looking forward to continued success as we enter 2018 with an exceptionally strong pipeline of opportunities and committed team of professionals.”