Specialty lender Investec Bank Australia has acquired Alliance Equipment Finance Pty, expanding its asset finance and leasing business.
Privately-held Alliance, founded in 1992, provides vendor equipment finance to customers across SME, corporate and government sectors.
Terms of the deal were not disclosed.
With this deal, Investec now has a portfolio of 12,000 new customers, Investec Australia CEO, David Clarke, said in a statement.
This acquisition also complements Investec’s operations in asset finance across South Africa and the UK, he added.
Alliance’s staff of 48 employees, working in Sydney, Melbourne, Brisbane, Adelaide and Perth will transfer to Investec and be fully integrated within the next couple of months.
Investec is a wholly-owned subsidiary of the Investec Group, whose parent is the UK-based Investec plc. Investec employs about 400 staff in Australia.