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
OmniLatam buys itself back from bankrupt financer Greensill
