Close Brothers Group, a merchant banking group, has acquired Commercial Acceptances Group and Amber Credit, the two niche lending businesses with a combined loan book value of GBP145 million, for a combined premium to net assets of approximately GBP9 million.
The acquired businesses will become part of Close Brothers’ banking subsidiary, Close Brothers Limited.
Commercial Acceptances Group was acquired for a total consideration of approximately GBP31 million, including a goodwill of GBP7 million. The management team, led by Lawrence Brown, will continue to manage the business as part of the Close property finance division.
Amber Credit was acquired from Skipton Building Society for a consideration of GBP2 million with goodwill arising on acquisition also anticipated to be circa GBP2 million. Amber Credit will be merged with Close Brothers’ existing premium finance business, Close premium finance.
Stephen Hodges, managing director of Close Brothers Group, and executive chairman of Close Brothers Limited, said: These acquisitions fit exceptionally well into the Close Brothers’ family. We target high quality, focused businesses in areas where we have a solid understanding and presence.