Asset Alliance Group, a UK commercial vehicle finance funder and retailer of new and used trucks and trailers, has acquired specialist bus and coach finance broker Forest Asset Finance.

A statement said the deal, which was put at seven-figures, will broaden Asset Alliance Group’s (AAG) portfolio and by providing a foothold in the bus and coach sector.

Formed in 2011, employs over 80 members of staff and the group said its lending following its latest acquisition is expected to reach £85m, with the promise it would make more acquisition in the future, according to the statement.

Asset Alliance Group chief executive, Willie Paterson, said: "Forest Asset Finance is an established brand in the bus and coach sector whom we have known for a long time and they have a very loyal customer base. The two businesses share many similar characteristics both in terms of product set and customer service ethos. By pooling these strengths our customers will continue to see the bespoke service they have become accustomed to whilst also benefitting from a wider range of services through a single access point."

Michael Bycroft, director at Forest Asset Finance, said: "Our expertise in the bus and coach sector combined with the financial strength and extensive product offering of the Asset Alliance Group will cement our position as a leading player in the bus and coach sector. The markets we operate in are highly competitive and this deal gives us the scale and advantage to compete effectively and grow our business."