“Yes, we had suitors,” confirms ICS Mortgages’ parent company, Dilosk

Dilosk, the parent company of ICS Mortgages, confirmed that it had received offers from applicants interested in buying the company but had “not acted on them”.

Ources said the Sunday independent that potential investors or buyers met with Dilosk around Easter.

They claimed that an online data room has been developed, a secure place where privileged data is typically stored for court cases or mergers and acquisitions.

When asked about the claims, a Dilosk spokesperson said: “Dilosk DAC has received offers from applicants from time to time which have not been followed up.

“In day-to-day business, Dilosk is in regular discussions with many capital market counterparties, which are fundamental to the day-to-day running of our business.

“We work with these counterparties on all types of operational and financing needs to underpin our growth ambitions and continue to deliver long-term value to our clients.”

Speculations about Dilosk began in early January when the Irish Independent reported that the mortgage lender is in talks with its investment banks about a possible transaction. It was reported that it was not clear if any deal would involve raising equity or the exit of minority shareholders.

In March the Irish times reported that a major British investor in Dilosk was considering an exit. It was reported that investor Chenavari was advised by US investment bank Houlihan Lokey on its 14.4 percent stake in the non-bank lender.

Dilosk entered the Irish mortgage market in 2014 with the acquisition of ICS Mortgages from Bank of Ireland. In February, it reported that owner-occupier and buy-to-let loans under its ICS Mortgages brand rose 143 percent to €530 million last year.

Last year, Dilosk founders Fergal and Oran McGrath increased their combined stake in the non-bank lender to just over 50 percent.

https://www.independent.ie/business/irish/yes-weve-had-suitors-ics-mortgages-parent-dilosk-confirms-41878769.html “Yes, we had suitors,” confirms ICS Mortgages’ parent company, Dilosk

Fry Electronics Team

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