Friday 17 July 2026 8:00 am

Dilosk Agrees Sale to Pepper Advantage

Dilosk DAC, trading as Dilosk and ICS Mortgages (“Dilosk”), a leading Irish residential mortgage origination and servicing platform, today announces that it has entered into an agreement for the sale of the business to Pepper Advantage, which is wholly owned by J.C. Flowers & Co., a global private investment firm specialising in financial services.

Following completion, Dilosk will become part of Pepper Advantage, a leading international credit management and technology company with €75 billion in assets under management across Ireland, Spain, and the UK. Terms of the agreement were not disclosed.

Founded in 2013, Dilosk has established itself as a scaled, diversified mortgage franchise in the Irish market, with a strong focus on owner-occupied and buy-to-let mortgage products, including bridge loans originated and serviced on behalf of a range of capital market and private credit market participants. Since inception, the company has built strong origination and servicing capabilities, supported by robust underwriting, a funding platform backed by a strong investor base, and customer-centric product innovation.

The transaction combines Dilosk’s strong Irish mortgage franchise with Pepper Advantage’s credit management and technology platform, extending the combined group’s capabilities across the full lending value chain, from origination through to end-to-end servicing. On completion, institutional clients will be able to deploy capital directly into assets originated and serviced by Dilosk’s and Pepper Advantage’s well-established lending, servicing and technology infrastructure.

As part of the Pepper Advantage Group, Dilosk will benefit from increased scale, enhanced operational and digital capabilities, and access to international expertise, supporting the continued growth and development of the company in Ireland.

Fergal McGrath, CEO & co-founder of Dilosk, commented:

“This transaction represents a highly positive outcome for Dilosk, our customers, our investors and our colleagues. Becoming part of the Pepper Advantage global business marks an exciting new chapter for the company. Its strong technology platform, deep client relationships, and long‑term investment approach align strongly with Dilosk’s strategy and will support our ambition to continue building a leading Irish mortgage provider and servicer.”

Fraser Gemmell, Group CEO of Pepper Advantage, added:

“This acquisition marks a significant step forward in our growth strategy. By welcoming Dilosk into the group, we are deepening our credit access capabilities, diversifying our business in Ireland, and scaling the reach of our credit management platform. It will strengthen our ability to offer institutional clients more ways to access credit opportunities supported by market-leading analytics and oversight, in addition to expanding our European AUM. We are very excited at the prospect of welcoming the Dilosk team and together building something with long-term impact for the Irish market.”

The transaction is expected to complete in late Q3 2026, pending regulatory approvals and other customary closing conditions. Following completion, Dilosk will continue to operate under its established ICS Mortgages brand, with its existing management team and regulatory framework, and will continue to execute its strategic initiatives.

Alantra acted as exclusive financial advisor to Pepper Advantage in relation to this transaction.

About Dilosk DAC

Dilosk DAC trading as Dilosk and ICS Mortgages is regulated by the Central Bank of Ireland as a Retail Credit Firm. ICS Mortgages was originally established in 1864 as the Irish Civil Service Building Society. The company, established in 2013, is headquartered in Dublin and acquired the ICS Mortgages business from Bank of Ireland in 2014. ICS Mortgages is a leading buy-to-let and an innovative provider of owner-occupier residential Mortgages and bridge loans in Ireland. Dilosk has a €1.7 bn mortgage book and issues bonds under the well-established Dilosk RMBS Securitisation shelf and has issued over €3.2 bn among 11 public securitisations since inception.

About Pepper Advantage

Pepper Advantage is an international credit management and technology company that offers a range of services across Asia, Europe, and the United Kingdom. The company, with €75 billion assets under management, operates in multiple asset classes including residential and commercial mortgages, real estate, SME loans, asset financing and leasing, auto and consumer loans, credit cards, retail finance and BNPL. It helps investors, financial institutions, fintechs, and banks manage their credit portfolios, reducing the cost and complexities of systems and supporting new non-bank lending.

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