Alantra advises J.C. Flowers & Co. and Pepper Advantage on the acquisition of Dilosk

Jul 2026

Buy-side advisory

London/Dublin – Alantra has acted as exclusive financial advisor to J.C. Flowers & Co. (“JCF”) and its portfolio company Pepper Advantage, a leading international credit management and technology company, on Pepper Advantage’s acquisition of Dilosk DAC, one of Ireland’s leading residential mortgage origination and servicing firms. The transaction is expected to complete in Q3 2026, subject to regulatory approvals and other customary closing conditions.

Founded in 2013, Dilosk has built a scaled and diversified mortgage franchise in Ireland, focusing on owner-occupied and buy-to-let lending, including bridge loans originated and serviced on behalf of a range of capital market and private credit market investors. The company has developed strong underwriting, origination, and servicing capabilities, supported by a diversified funding platform and a customer-focused product offering. Dilosk have a total mortgage book of c. €1.8bn and have issued over €3bn, across 11 public RMBS securitisations.

Upon completion, Dilosk will become part of Pepper Advantage, which has €75bn in assets under management across Ireland, Spain, and the UK. The acquisition will bring together Dilosk’s brand, mortgage origination expertise, and funding platform with Pepper Advantage’s servicing, technology, and operational capabilities, supporting the continued growth of the business in Ireland. It will also help institutional clients to deploy capital directly into assets originated and serviced by Dilosk’s and Pepper Advantage’s combined infrastructure. 

Alantra supported JCF and Pepper Advantage from inception through signing, advising on the valuation, structuring, and execution of the share acquisition. In parallel, Alantra advised on the sale of on-balance-sheet RMBS residual positions, combining its M&A, credit, and structured finance expertise to help deliver an optimized outcome for all parties.

Brian Minnock, Managing Director at Alantra, said: “We are proud to have advised JCF and Pepper Advantage on this strategic acquisition. Together with JCF’s financial services expertise and Pepper Advantage’s technology and servicing platform, the combined business is well positioned for its next phase of growth. Having advised JCF on its acquisition of Pepper Advantage last year, we are pleased to continue supporting the firm in executing its strategic growth ambitions. This transaction further demonstrates Alantra’s ability to combine buy-side M&A execution with structured credit and balance sheet advisory expertise in the specialist mortgage lending sector.”

Fraser Gemmell, CEO of Pepper Advantage, said: “Dilosk is well-established as a leader in the Irish market with a strong offering supported by robust underwriting and a customer-centric approach that matches our own. Together with JCF, we look forward to supporting the business as it enters its next phase of growth and delivers an even better end-to-end experience for both customers and partners. Alantra’s deep sector expertise and market insight were instrumental in delivering this transaction.”

This transaction further reinforces Alantra’s strong track record in FIG, specialty finance, mortgage platforms, and credit solutions. Recent relevant mandates include advising LetterOne on the sale of Octane Capital’s specialist property lending portfolio to Aldermore Bank, backed by FirstRand Group, and advising KKR and the Executive Shareholders on the sale of Hipoges to Finsolutia.