An SME lender has been helped out of its financial struggles thanks to a new partnership with a global investment firm.
Axsesstoday has confirmed the completion of the sale of certain of its subsidiaries to an affiliate of Cerberus Capital Management.
The lender will operate as a privately held company following its acquisition into Cerberus’ global portfolio of companies.
While Axsesstoday entered Voluntary Administration in April, it has remained fully operational, servicing over 10,000 SMEs across Australia.
Established in 2012, the lender has provided equipment finance solutions to businesses in transport, hospitality and other industries.
Following its partnership with Cerberus, Axsesstoday will be able to shift its focus back towards identifying opportunities to expand its platform within Australia.
“We are pleased to have closed the transaction and begin working alongside the talented Axsesstoday team,” said Lee Millstein, president of Cerberus Global Investments.
“We look forward to supporting the company as it grows its capabilities and continues to deliver tailored financing solutions to meet the needs of Australian businesses.”
According to Axsesstoday chief operating officer, Konrad Pels, “Axsesstoday is in a prime position to continue to offer a compelling finance solution to SME customers across Australia.”
“With Cerberus’ support, we will have access to resources and expertise to strengthen our robust platform, elevate our portfolio of financing solutions and capitalise on growth opportunities.
“The acquisition means we have been able to save almost 50 jobs in our Australian office and we now look forward to beginning this new chapter.”
