Updated / Friday, 17 Jul 2026 09:40
Dilosk DAC, which trades as ICS Mortgages, has agreed the sale of its business to international credit management company Pepper Advantage, which is owned by JC Flowers & Co, a global private investment firm.
Following completion of the deal, Dilosk will become part of Pepper Advantage, which has €75 billion in assets under management across Ireland, Spain and the UK.
Terms of the agreement were not disclosed.
After completion of the deal, Dilosk will continue to operate under its established ICS Mortgages brand, with its existing management team and regulatory framework.
Founded in 2013, Dilosk has a €1.7 billion mortgage book. It has 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.
Dilosk said today’s deal combines its 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.
It said that 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.
The deal is expected to complete in the latter part of the third quarter, pending regulatory approvals and other customary closing conditions.
After completion, Dilosk will continue to operate under its established ICS Mortgages brand, with its existing management team and regulatory framework.
Fergal McGrath, CEO and co-founder of Dilosk, said the transaction represents a highly positive outcome for Dilosk, its customers, its investors and its 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,” he added.
Fraser Gemmell, Group CEO of Pepper Advantage, said today’s acquisition marks a significant step forward in the company’s 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,” he said.
“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,” he added
Dilosk was originally established in 1864 as the Irish Civil Service Building Society. The company is headquartered in Dublin and acquired the ICS Mortgages business from Bank of Ireland in 2014.
