12.3 C
Innichen
May 20, 2022
Finance Technologies

OmniLatam buys itself back from bankrupt financer Greensill

OmniLatam, the Colombia-based start-up acquired by Greensill last June, has managed to buy itself back following the supply chain financer’s collapse. With the help of private investment firm 777 Partners, the Latin American firm has staged a management buyout (MBO) to separate its assets from the now bankrupt Greensill. Despite its parent’s insolvency, OmniLatam claims it has experienced “record growth” The MBO marks a first for 777, which manages $5 billion in assets. OmniLatam is its first financial services deal in the Latin American region. The details of the transaction were not disclosed. “A roller coaster ride” Having shortened its name to ‘Omni’ whilst at Greensill, the start-up will now return to its original name. The firm provides working capital to small and mid-size enterprises (SMEs) which supply large companies in Chile and Colombia. It claims to have financed more than $480 million dollars to around 2,500 companies across these two Latin American countries. It also says it is “continuing to expand into Brazil.” “We have had a roller coaster ride over the last year,” says Diego Caicedo, OmniLatam’s CEO. “Being able to raise the funds and execute the MBO in six weeks shows us and the market that we have built real value.” Despite its parent’s insolvency, OmniLatam claims it has “experienced record growth”. Financings for March “represented the strongest month on record”, reaching $22 million – a 10.5% increase over February. The lender plans to add up to 100 jobs to its 188-person workforce by the end of…
OmniLatam buys itself back from bankrupt financer Greensill

Related posts

Snoop launch a month early “to help households during coronavirus”

Amme Jhonson

Starling renews search for non-bank European lender

Amme Jhonson

TreasurySpring launches Fixed-Term Fund platform

Amme Jhonson

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Policy