STAR Asset Finance marks start of New Year with another acquisition

Having been established just 18 months ago, STAR Asset Finance is forecast to arrange over £120 million in financing for SMEs over the course of 2016.

STAR Asset Finance’s (STAR) purchase of First Capital represents the fourth acquisition by STAR since its inception in July 2014.

Founded in 2001, First Capital has established itself as one of the leading independent providers of asset and vehicle finance in the South of England focusing on businesses and schools. One of First Capital’s advantages is that it has the ability to act as a principal lender whilst having long-standing relationships with a large number of panel funders. This allows the company to provide a wide range of competitive financing packages to its customers. Individual financings range from £1,000 to £1 million per transaction.

The company will continue to be led by its experienced management team consisting of Richard Perry, David Mogg and Darren Venton.

Perry and Mogg founded First Capital in 2001 with Venton joining them in 2003. As part of the transaction, all three will become investors in STAR.

Commenting on the announcement, Paul Gough, partner at STAR (pictured above), said: “The strategy of STAR Asset Finance is about bringing together successful businesses run by strong management teams and supporting them in achieving their growth ambitions. We are very pleased that First Capital has become part of the group.

“Having been established just 18 months ago, STAR has become a vital source of financing for UK SMEs. The group is set to arrange over £120 million in asset and equipment finance for UK businesses over the next 12 months. We look forward to continuing the growth and development of the group, organically and through acquisitions, in 2016 and beyond.”

Sam Geneen, chairman of STAR (pictured below), added: “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.”

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 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.”