SME lender Grow Asset Finance has announced its acquisition of Eclipx’s commercial equipment finance business in Australia (Eclipx Commercial) for $14.6m.
The transaction includes the refinancing of $122m in loan book debt, which Grow Asset Finance achieved through an institutional structured warehouse facility. The firm said that the acquisition will cause no disruption to the employees and existing clients of Exclipx Commercial as they will transition with the business.
David Verschoor, director at Grow Asset Finance, said that the acquisition “ticked all the right boxes.”
“It fits perfectly into our company’s philosophy and growth strategy.” he said.
Another director, Greg Woszczalski, said that the deal was an opportunity they could not let go.
“Adding an excellent business with high quality clients partners well with our current asset finance and trade finance businesses,” he said.
“Plus, the chance to add an institutional structured warehouse facility to our current portfolio of funding arrangements is an important milestone.”
