A consortium led by Davenham's management and supported by Dunedin Capital Partners Limited and Indigo Capital Limited, who provided mezzanine finance, have acquired Davenham Group and its subsidiaries at net asset value plus a modest premium for goodwill. All inter-company loans and funding lines have been repaid.
Davenham Group Plc was acquired by Bank of Butterfield in 1996 since when it has shown consistent growth in business and in profitability. Despite the satisfactory performance of the Company, Bank of Butterfield decided to exit this specialist credit business to concentrate on core activities. Commenting on the sale, Graham Brooks, Executive Vice President, International & Trust confirmed that the sale of Davenham is in line with Bank of Butterfield's strategy of building on its strengths and focussing on core businesses.
Note to Editors:
Bank of Butterfield is a vital community bank in both Bermuda and Grand Cayman and a specialist offshore financial services company that has chosen its markets, knows them well, and uses its knowledge to benefit institutional and individual clients. The Bank, established in 1858, offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda, as well as offices in Grand Cayman, Guernsey and Hong Kong.
Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and The Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com