Private equity group Star Capital Partners has acquired south of England vehicle and asset finance broker First Capital Finance for an undisclosed amount.

After the purchase of Kennet Equipment Leasing, Star set up a platform for its asset finance acquisitions called Star Asset Finance.

On this platform it later added Ignition Credit and AH Corporate Finance, making First Capital Finance the fourth business on the Star Asset Finance platform.

A statement from the private equity firm said that Star Asset Finance is set to arrange over £120m (€160.68m) in financing for ‘thousands of SMEs’ over the course of 2016.

First Capital Finance, founded in 2001, is a panel broker with funders including Hitachi UK, Aldermore and BNP Paribas.

First Capital funds hard assets, including commercial vehicles, plant equipment and machinery, and provides commercial and consumer motor finance. It will continue to be lead by the existing management team consisting of Richard Perry, David Mogg and Darren Venton.

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Perry and Mogg founded First Capital in 2001 with Venton joining them in 2003. As part of the transaction, Perry, Mogg and Venton will become investors in Star Asset Finance.

Sam Geneen, chairman of STAR Asset Finance, said: "First Capital represents an attractive addition to STAR Asset Finance. The Company is well?established in its markets and has been successfully supporting a wide range of customers with their
asset finance requirements since 2001. As a result, First Capital is able to generate a large share of business from existing customers and through customer referrals. As part of STAR Asset Finance, we look forward to supporting the continued
development of the Company. We are pleased to welcome Richard, David, Darren and the First Capital team and look forward to working together."

Richard Perry, joint managing director of First Capital, said: "When looking for a partner to support the further development of First Capital, we focused on personal and strategic fit. We are pleased to join STAR Asset Finance which pursues a hybrid strategy of being a principal lender and a broker – just like First Capital. The opportunity to reinvest in the parent company was very attractive to us."