Aussies buy up finance broker.
Byline: FINANCE TOM KEIGHLEY email@example.com
NORTH East asset finance broker Anglo Scottish Asset Finance Limited has been acquired by an Australian firm.
Maxxia (UK) Ltd - a subsidiary of salary packaging specialist McMillan Shakespeare - has acquired the entire share capital of the Chester-le-Street firm for an undisclosed sum.
Anglo Scottish provides a range of financial services including business finance, personal finance and vendor or dealer finance.
The firm was founded seven years ago by David Foster, Dean Cowley, Paul Sargent and Murray Wark.
All will remain in the business as it becomes part of the McMillan Shakespeare group, which is listed on the Australian Securities Exchange.
It is the second UK acquisition for the Australian outfit following the its buy-up of Milton Keynes-based CLM Fleet Management in 2013.
Roger Skinner, chief executive officer of Maxxia, said: "Anglo Scottish is a perfect addition to our business at this very exciting juncture in our growth plans. Our core mission is to provide our clients with the very best possible asset financing solution tailored to their business, whatever their needs.
"The Anglo Scottish team has deep market knowledge and an established network across the UK asset finance eco-system that will bolster our ability to do exactly this, underlining our position as the trusted partner for asset financing."
David Foster, managing director at Anglo Scottish, said: "We are delighted to be joining the McMillan Shakespeare Group. Its strong focus on transparency and integrity, coupled with its impressive resources, makes it an ideal fit for us as we look to invest and expand our unique offering to our agents and customers.
"In addition the Group's proven capabilities in areas such as vehicle leasing, fleet management, operating leasing and structured finance will allow us to provide a truly comprehensive service to clients."
Newcastle-based law firm Square One Law acted for the owners of Anglo Scottish while US-based Locke Lord acted for Maxxia (UK).
Square One Law senior associate John Hammill said: "This was a great project to work on with the Anglo Scottish management team and to guide them through the sale process.
"Our corporate, property and employment teams worked around the clock to get the deal completed and I'm delighted for David, Dean, Paul and Murray. I'm also confident that Anglo Scottish will go from strength to strength over the next few years now that it is part of the MMS Group."
From left, Dean Cowley, Paul Sargent, Murray Wark, John Hammill and David Foster celebrate the acquisition of Anglo Scottish Asset Finance
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|Publication:||The Journal (Newcastle, England)|
|Date:||Nov 14, 2015|
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