UK leasing firm Tower Leasing has been acquired by Acuity Investments for an undisclosed amount, after a 25 year tenure under founder and owner John Keevill.

Acuity is a newly formed investment partnership set up in 2014 focused on buying companies in the financial services sector, such as specialist lenders or insurance companies, and is run by Adam Barron and Toby Franklin, according to a statement from Tower.

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Tower specialises in financing capital equipment, from telecoms equipment and photocopiers, to waste compactors and air conditioning systems with individual leases ranging from £1,000 to over £500,000 per transaction.

Both Barron and Franklin will join the board of Tower as non-executives and plan to retain the existing executive management team to run the business as they have for several years, including managing director Kerry Howells.

The statement said that Acuity does not have any plans to change the way that Tower conducts its business but planned to be long term owners of the company, with its immediate focus to maintain smooth operations in the transition of ownership.

The deal is Acuity’s second in the market, a statement from Tower said, although no details were available at press time on the first deal.

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Toby Franklin, partner at Acuity, said: "We are really excited about working with Tower. We see a shortage of funding available to SMEs and we want to support Tower in helping SMEs to access finance. The business is nimble and entrepreneurial and has significant growth aspirations, but importantly, it is thoughtful and cautious and has a considered approach to growth. Overall, Tower aims to continue to provide an expert and consistent service to those businesses looking to invest and grow."