Private equity firm STAR Capital Partners (STAR) has acquired West Midlands-based broker Kennet Equipment Leasing for £100m (126.3m), according to a statement.
The private equity buyout will leave the Kennet management team intact, which will continue to be run by chairman Steve Swift and managing director Tim Tainty.
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Kennet, a 25 year veteran of the small and medium enterprise (SME) equipment financing industry, said it has arranged over £500 million in equipment financing in that time, with financings running between £250 to £250,000 per transaction.
Paul Gough, partner at STAR, said: "SMEs are a vital part of the UK economy but have been hit hardest by the reduction in lending since the financial crisis as banks repair their balance sheets.
"We are pleased to have acquired a high quality business that fuels the UK economy by providing financing to SMEs and we intend to invest significant capital to enable Kennet to continue its impressive growth both organically, and through additional acquisitions, in what is a highly fragmented segment of the financing market."
In 2013, Kennet won Leasing Life’s Broker of the Year award.
Steve Swift, chairman of Kennet, said: "I have built a strong working relationship with STAR over the last few months and I am looking forward to working with their investment team to continue the Kennet success story and serve our existing and new customers."
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