LDF has acquired Scottish based asset finance broker First Independent Finance for an undisclosed amount.
The combined group, which will provide approximately £400m annually to clients in both the corporate and professions markets, will continue to trade under both the LDF and First Independent Finance brands, employing a total of 175 people.
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LDF was acquired from Investec by private equity investor Cabot Square Capital in December 2013.
It was originally founded in Flintshire in 1986, specialising in short-term loans to the professions market.
Ayrshire based First Independent Finance, founded in 1999, covers sectors including construction, agriculture, transport and renewable energy, financing primarily hard assets such as trucks and heavy plant and construction equipment.
LDF says they are confident that the new group will combine the core strengths of the two businesses, providing a fully comprehensive finance solution for SMEs across the UK.
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By GlobalDataPeter Alderson, managing director of LDF, says: "This is a deal for growth, and a natural fit for both LDF and First Independent Finance. Both companies are leaders in their fields, making their combined product capability offering and client base the strongest in the SME finance market."
"While clients will continue to see both the LDF and First Independent Finance brands with the associated deal-making skills and the customer service commitment they have become accustomed to, behind the scenes there will also be substantial improvements made as we look to maximise the complementary skill sets of both businesses."
"This deal positions us as the leading hybrid in the SME finance market. Our strong lending capacity and the excellent relationships that both LDF and FIF have amassed with a range of exceptional funders is key to our offering. We see both funding and brokerage as equally important in maintaining our customer service commitment and we will continue to focus resource on both of these areas."
Allan Ross, managing director of First Independent Finance, says: "Our expertise in hard assets, combined with LDF’s leading position in the soft asset and loan markets, makes this merger one that will benefit both businesses and their clients."
"SME demand for finance is strong, and this deal gives us the scale to make a real difference in addressing it."
