Dutch lessor De Lage Landen (DLL) has expanded
its presence in the Irish agricultural market with the acquisition
of a €50m-plus leasing portfolio from Permanent TSB.
Around a quarter of DLL’s existing finance
portfolio is agricultural equipment and the sector is a focus for
parent bank Rabobank.
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In a statement, DLL valued the portfolio in
excess of €50m and said it would use the purchase as a spring-board
to expansion within the Irish agricultural leasing market.
This will be done through the development of
vendor partnerships with Irish representatives of agricultural
equipment manufacturers which the lessor said would result in
subsidised rates for farmers.
As part of the deal DLL also acquired a number
of Permanent TSB’s employees who had worked on the agricultural
equipment.
The Eindhoven-headquartered firm recently
announced a 51% profit increase and an 8.5% growth in its portfolio
in 2011, reaching €29.5bn globally.
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By GlobalDatagrant.collinson@vrlfinancialnews.com
