Manchester-based independent debt fund Tosca Debt Capital (TDC) has appointed Mat Deering as a partner to further develop and grow its investment portfolio.
He will be working alongside founding partners Gary Davison and Richard Williams to strengthen the firm’s presence in the market and unlock growth for UK SMEs and lower mid-market corporates.
Mat joins TDC having had a successful career in both corporate advisory with EY and as a partner and original team member with Endless LLP. During his time at Endless, Mat led the Manchester office and was responsible for a number of successful investments including Moda Furnishings, Bright Blue Foods (BBF) and EVO Group. More recently, Mat has acted as executive chairman of TDC portfolio company, EDAM Group as well as undertaking a number of other non-executive and board advisory roles via his advisory consultancy Remedy LLP.
Mat’s new role will focus primarily on the natural extension of the TDC proposition, which is centred around the deployment of secured debt capital into UK corporates. He will be supporting transactions which require a broader approach to financing potentially involving equity participation and subordinated debt investment.
TDC has recently received total commitments of £182m into TDC Fund III, with a final close due in the Autumn. To date, the firm has deployed £340m across 40 UK borrowers and has achieved 10 successful exits, including the recent exit of Lomond Group to Linley & Simpson, an LDC investee company in the property rental and estate agency sector.
Gary Davison, managing partner at TDC, said: “We’re delighted to have Mat on board at an important time for our business. As we embark upon closing TDC Fund III and considering our options in terms of future fund raising, we are committed to deploying increasing volumes of debt capital across the region’s ambitious businesses. With this in mind, Mat will be a great asset in terms of his experience and network and will help drive the continued development of our product portfolio and remit.”
Mat Deering, partner at TDC, added: “I am genuinely excited at the opportunity to join such a dynamic and unique business as TDC and support its continued expansion and development. TDC has significant funds available to deploy across regional businesses and as the economy recovers from the impact of COVID, I believe there will be many opportunities to support strong management teams.”
