Debtor finance company Scottish Pacific has had three different majority shareholders in the past four years. It was part of David Coe's ill-fated financial conglomerate Allco until 2010, when it was sold to Lazard Australia Private Equity.In July last year Lazard sold the business to another private equity investor, Next Capital.Such a history might destabilise a business but Scottish Pacific's chief executive, Peter Langham, said the outcome has been positive.Langham said: "With Lazard's backing we got funding support from a major bank. We were able to take on bigger deals and special opportunities."The change of ownership last year had no effect on our funding position."That funding support came along at an opportune time. Following the financial crisis, the traditional debtor finance customer base - small but fast growing businesses that do not have sufficient equity to increase their bank funding - started paying down debt.The overall market remains subdued today. According to the Debtor and Invoice Finance Association, turnover in the industry was flat in 2013 and the number of companies accessing debtor finance fell.Langham said he was confident that demand from the industry's traditional customer base would pick up again, as business confidence recovers.But in the meantime Scottish Pacific has been able to use its funding to go after bigger deals and different situations."Before we secured our bank funding the biggest deal we did was around A$5 million. Now we can lend up to $25 million or $30 million," Langham said."We are getting into more complex deals. We work with start-ups and we get involved in management buyouts, acquisitions and turnarounds. We are doing business with small public companies and private equity firms."Scottish Pacific claims a 7.2 per cent share of the debtor finance market. Last year it funded receivables worth $3.6 billion and is budgeting to fund $4 billion this year.And it has diversified its product range. Last year it launched a trade finance product.Langham said: "Trade finance is dominated by the banks. We don't compete with them. We offer unsecured finance and the average deal is around $20,000. Companies use us for a top-up."Langham said a number of the specialist debtor finance groups, including Bibby and GE, were doing well. The flat overall performance of the sector was due, in part, to a decision by a couple of the Big Four banks to cut back on their involvement in the sector."The banks moved into debtor finance about a decade ago but for a couple of them it did not suit their business model. "With debtor finance you are making an advance every day against a new invoice. To do that safely you have to do a lot of due diligence. The ratio of staff to clients is high."Since the GFC, ANZ and Commonwealth Bank have switched customers out of debtor finance into standard small business loans."