Paragon Bank has agreed the acquisition of Five Arrows Leasing Group for a figure in the region of £117m (157.73m), according to a statement from Paragon and sources close to the deal.
Five Arrows Leasing Group Limited is currently owned by Five Arrows Leasing Holdings, which is part of Rothschild & Co.
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The acquisition brings an extra 200 people based around the UK into the Group, joining the 1,100 people already employed by the Group.
The new business specialises in providing asset finance products through its subsidiary brands to UK SMEs, including equipment, vehicle and construction equipment finance, and is also a provider of lease servicing.
Nigel Terrington, Paragon group chief executive, said: "This is fantastic news for Paragon Bank and in turn the wider Group.
"Five Arrows Leasing has a strong track record and good reputation in operating in specialist markets, which is a strong cultural fit with Paragon in view of our expertise in specialist niche markets. It also means we are continuing to grow and diversify as a business.
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By GlobalData"This acquisition also comes in our 30th anniversary year so gives us another reason to celebrate. With around 60 live vacancies across the Group in Solihull, now really is an exciting time for our business."
