Ringwood based specialist bus and coach finance intermediary acquired by Asset Alliance Group
by Craig Hardman, 22 February 2016
Ringwood based specialist bus and coach finance intermediary, Forest Asset Finance Limited, has been acquired by Asset Alliance Group.
Steele Raymond LLP’s company and commercial team advised Michael Bycroft and Darren Fitzpatrick on the sale of Forest Asset Finance Limited. Michael and Darren will continue to head up the company as part of the Asset Alliance Group.
Asset Alliance Group is one of the UK’s leading providers of commercial vehicle finance solutions and retailers of new and used trucks and trailers and the group’s lending following its latest acquisition is expected to reach £85 million.
Forest Asset Finance’s Michael Bycroft 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.”
Craig Hardman, a partner at Steele Raymond LLP, said “It is a great opportunity for Michael and Darren to continue to expand their business and build on their success to date. It was a pleasure to work with Michael and Darren and help them navigate the complex legal issues that we are used to dealing with on these deals.”
Michael commented: “Steele Raymond brought their extensive experience to the transaction and worked closely with our accountants, Stewarts & Co, to get the deal completed. Throughout the transaction they provided a great blend of clear reliable legal advice combined with a wealth of commercial and pragmatic solutions.”
If you would like to discuss how Steele Raymond LLP can help with your business expansions plans please contact Craig Hardman on 01202 204 533.