Close Brothers Asset Finance has bought Finance for Industry, a finance broker for the engineering, print, plastics and machinery sectors.

Headquartered in Kings Langley, Hertfordshire, Finance for Industry’s business covers the whole of the UK and is run by three directors; Andy Curran, Stewart Ainsley and Steve Ackerman.

A statement from Close Brothers said the acquisition would expand and strengthen Close Brothers Asset Finance’s existing offering in the market.

Finance for Industry will be integrated into the industrial equipment division of Close Brothers Asset Finance, under managing director, Steve Gee. In the short term, it will continue to operate under its own brand. Finance for Industry’s sales team will remain unchanged, with existing customers able to maintain the same contacts following the deal.

Mike Randall, chief executive of Close Brothers Asset Finance, said: "Finance for Industry is an exciting and complementary addition to our industrial equipment division. This acquisition will bolster our set of services, and is perfectly in line with our strategy, enhancing our existing offering and providing access to a new customer base.

"The industrial market continues to evolve rapidly and we are always on the lookout for opportunities to grow and to acquire strong and ambitious companies that match our expansive business model. Today’s acquisition is evidence of this and will make a significant contribution towards achieving our long term goals."

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By GlobalData