In 2016, Close Brothers Asset Finance acquired Finance for Industry, a leading specialist finance broker for the engineering, plastics and machinery sectors. The acquisition strengthens and expands Close Brothers Asset Finance’s existing offering in the market.
Close Brothers Asset Finance’s most recent acquisition
As part of the acquisition, Close Brothers Asset Finance has integrated Finance for Industry into their industrial equipment division. Finance for Industry will continue to operate and run under its own brand, with an unchanged sales team. The acquisition bolsters the services offered by Close Brothers Asset Finance, enhancing its existing offering and providing access to a new customer base.
The acquisition timeline
Starting out in Derby and Tolworth in 1987, Close Brothers Asset Finance’s first acquisition was a print finance brokerage company, Surrey Asset Finance in 1996.
At the turn of the millennium, the acquisitions continued, with Close Brothers Asset Finance acquiring Braemar Finance, a national specialist funder to the professionals market. In addition, the company also acquired Kingston Asset Finance in Hull, expanding the business further across the UK. This was in addition to opening new offices in Glasgow and Chester, as well as moving the Derby office to Burton-on-Trent.
In 2006, it acquired Close Brewery Rentals and two years later, in 2008, it also acquired three separate companies. Firstly, Reliance Financial Contracts, an Asset Finance Brokerage specialising in car and taxi finance. It then acquired Ecasks, a niche business based in Ledbury involved in the supply and maintenance of beer kegs. Finally, it also acquired Commercial Vehicle Solutions, which has now become Close Brothers Vehicle Hire.
In 2010, Close Brothers Asset Finance acquired CCBR Container Services, joining the Close Brewery Rentals Business.