Funds managed by alternative investment business Apollo Global Management have acquired a majority share in Blackburn-based asset finance broker and funder Haydock Finance.

The deal sees Haydock’s founder and executive chairman Jon Wilkinson maintain an equity share in the business, and is hoped to pass by the end of Q1 2018.

Established in 1980, Haydock is one of the largest independent finance companies in the UK, offering hire purchase and finance lease funding to business customers across the UK.

The existing management team, led by Jon Wilkinson, managing director Steve Worrall and credit & risk director Ian Barr will continue to run the business.

Backed by strong investment support from Apollo, the team has identified opportunities to grow market share within the current segment focus and to develop the business offering into larger and more competitively priced markets.

Jon Wilkinson, executive chairman of Haydock, said: “This is a tremendously exciting development for Haydock, a company that has been successfully built over a 37 year period from its base in Blackburn. Apollo is a leading global alternative investment manager and I believe working together with them offers huge potential for our existing and future introducers and business customers. Already a long established name in asset finance, Haydock has exciting plans to grow market share in the UK and to diversify our competitive offering.”

Haydock’s advisers on the transaction were EY (Financial) and Squire Patton Boggs (Legal).