Star Asset Finance, the private equity-backed lessor, has acquired Norwich-based Credo, an independent provider of asset finance.

Established in 2005, Credo has a growing own-book portfolio, coupled with brokered finance supported by a number of industry funders.

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In a statement, Star Asset Finance said that Credo specialised in hard and soft asset finance with a strong position in its regional market, and was ‘a perfect fit and a welcome addition to the SAFL group.’

The company will continue to be run by its management team of Simon Gray, Ian Tims, Mark Skipper and Trevor Parsons.

Steve Swift, chief executive of SAFL, said: “When we started this journey to build a formidable UK SME asset finance platform, our acquisitions were always going to be companies that would complement and strengthen our group. I’m delighted to welcome Credo to the SAFL stable: on the back of great customer service, the team has built the leading independent asset finance provider in its home market with significant further growth potential”.

The transaction will see Credo join the other asset finance companies that were acquired by Star: Kennet Equipment Leasing, Ignition Credit and First Capital Finance. The group is set to generate over £200m annually in new business finance.

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Simon Gray, managing director of Credo, said: “Here at Credo, we are delighted to become part of the SAFL group. This move will allow us to continue supporting customers with our exemplary level of service while providing us with capital to further develop Credo as part of a dedicated and fast-growing UK asset finance group”.

Paul Gough, managing partner at Star Capital, said: “We are pleased with the progress of our investment in SAFL and the acquisitions made to date. We look forward to working with the Credo team to continue building a leading asset finance company and remain interested in adding further attractive businesses to the SAFL group”.