Star acquires Kennet for more than £100m
Star Capital Partners has acquired Kennet Equipment Leasing, a UK-based equipment finance broker, for more than £100m.
The company will undertake a buy-and-build growth strategy under the GP's stewardship.
Finance for the transaction was drawn from the Star Finance Partnership vehicle, a fund targeting consolidation within the asset finance broker market.
The GP was attracted to the deal by Kennet's reputation for customer service and the potential for consolidation in what Star states is a highly fragmented marketplace.
Star stated it intends to begin fundraising for its third vehicle in Q4 2014 with its second fund, an £800m vehicle, now fully invested.
Company
Founded in 1991, Kennet is a provider of asset-backed finance for UK-based SMEs. The company provides loans of between £250-250,000 for equipment purchases. Kennet has provided loans of more than £500m since its inception.
People
Steve Swift is chairman of Kennet and Tim Tainty is the company's managing director. Paul Gough is a partner at Star and Tony Malin is the GP's CEO.
Advisers
Equity – Slaughter and May (Legal); Grant Thornton (Corporate finance).
Company – Wragge Lawrence Graham & Co (Legal); KPMG (Corporate finance).
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