PEAC (Pan European Asset Co) Finance has acquired Barclays’ Asset Finance business for an undisclosed amount.
The transaction will be funded and managed by HPS’s European Asset Value Fund (EAVF), a fund that acquires financial asset platforms and portfolios.
HPS Investment Partners, LLC (HPS), is a leading global investment firm with approximately US$68bn of assets under management as of January 2021.
Barclays Asset Finance has approximately 1,500 customers and total assets of £1.15bn.
Upon the change of control, the business will be combined with PEAC Finance, which is the same brand name that EAVF uses for its European portfolio leasing businesses.
Pan European Asset Co (PEAC) Finance is an independent provider of asset financing across Europe in eight countries including the UK, with total pro forma assets of approximately €4bn.
PEAC Finance has over 20,000 unique customers in the UK ranging from large corporates to small and medium-sized enterprises (SMEs), providing leasing solutions across a broad range of asset classes, from business equipment to plant and machinery.
Transactions vary in size from £1,000 up to £5m. PEAC Finance has long-standing experience supporting SMEs with their financing requirements and is focused on expanding and strengthening the relationships it has across more than 500 partners, brokers and vendors in both the UK and continental Europe.
As part of its growth strategy, PEAC Finance is aiming to grow its offering to UK businesses further. PEAC’s experience in asset financing complements the Barclays Asset Finance business, whose clients include SMEs through to multi-nationals. It is anticipated that over time the product offerings of both businesses will be enriched as a result.
PEAC Finance is working closely with Barclays to ensure a seamless transition of Barclays Asset Finance customers to PEAC Finance. It is intended that PEAC Finance will continue to work with Barclays Bank PLC to provide ongoing access to asset finance products to Barclays’ existing and new corporate banking clients. The current Barclays UK Asset Finance team is expected to join PEAC Finance’s UK team.
A Barclays spokesperson said, “We are working closely with PEAC Finance to ensure the continued provision of facilities to both new and existing clients, through the sale of our asset finance business and the establishment of a new ongoing partnership. We will continue to fully support both colleagues and clients throughout this period, in order to ensure a seamless transition and provide a platform for growth into the future.”