Asset Alliance Group, one of the UK’s leading providers of commercial vehicle finance solutions and retailers of new and used trucks and trailers, has acquired specialist bus and coach finance intermediary Forest Asset Finance Limited. The seven-figure deal will broaden Asset Alliance Group’s (AAG) already extensive portfolio and provide a strong foothold in the bus and coach sector.
Integration within the Asset Alliance Group will provide Hampshire-based Forest with the ability to fund customers on their own book as well as continuing to offer extensive brokerage facilities. It will also provide the Forest Team with the capital needed to further develop the business and realise its potential across the UK using AAG’s established office and depot network in Scotland and the Midlands.
Formed in 2011, AAG has gone from strength-to-strength and is now one of the fastest-growing businesses in its sector. Now employing over 80 members of staff it has increased its share of the UK commercial vehicle finance, contract hire and vehicle sales markets year-on-year, and the group’s lending following its latest acquisition is expected to reach £85million.
The group is gearing up for further growth in 2016, both organically and through targeted acquisitions.
Commenting on the deal Asset Alliance Group CEO, Willie Paterson, said:
“Forest Asset Finance is an established brand in the bus and coach sector whom we have known for a long time and they have a very loyal customer base. The two businesses share many similar characteristics both in terms of product set and customer service ethos. By pooling these strengths our customers will continue to see the bespoke service they have become accustomed to whilst also benefitting from a wider range of services through a single access point. It’s a partnership that will benefit everyone involved.”
Michael Bycroft, Director at Forest Asset Finance, said:
“Our expertise in the bus and coach sector combined with the financial strength and extensive product offering of the Asset Alliance Group will cement our position as a leading player in the bus and coach sector. The markets we operate in are highly competitive and this deal gives us the scale and advantage to compete effectively and grow our business.”