Cabot Square sells Asset Alliance for £4.1m

The purchase price is based on a discount to the tangible net assets of the company, after adjusting for the value of the assets available for lease. As at 31 August 2020, Asset Alliance had assets for lease with a net book value of approximately £150m, according to a statement.

The acquirer is Arbuthnot Banking Group’s subsidiary Arbuthnot Latham.

The deal represents an exit from CS Capital Partners III, which closed on £308m in 2006. The fund looked to invest $12-58m in UK companies.

The company’s debt, which is associated with the assets available for lease, is expected to be refinanced by Arbuthnot after the completion date. The debt includes a revolving credit facility of £140m.

The company’s current management team will remain in place.

Previous funding
In 2011, Cabot Square provided an investment of £25m.

Company
Asset Alliance provides vehicle finance and related services, predominantly in the truck, trailer, bus and coach markets. It reported an EBITDA of approximately £7.2m for 2019 and is expecting to record £2.3m in 2020. It was founded in 2010 and is headquartered in Wolverhampton.

People
Asset Alliance – Willie Paterson (CEO).

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• Topics
• Exits
• UK / Ireland
• Financials
• Trade sale
• United Kingdom