Pepper Australia has expanded its European loan servicing business, with the acquisition of Oakwood Capital, a United Kingdom asset manager and loan servicer.Following the acquisition, whose terms were not disclosed, Pepper will operate loan servicing businesses in the UK, Spain, Ireland and Australia.Pepper and Oakwood have a common background and have had shared ownership in the past. Pepper's executive chairman, Michael Culhane, was involved in the establishment of both companies.Oakwood Global Finance acquired Pepper in 2006 and sold it in 2010. Oakwood's chief executive, Richard Klemmer, was Pepper's CEO between 2001 and 2006.Oakwood has A$4.4 billion of loan portfolio of assets under management. In addition to loan servicing, it provides mortgage valuation and trading services.The Oakwood deal will boost Pepper's assets under management to A$13.5 billion.