Cerberus Capital Management LP said Sept. 9 that it agreed to buy Axsesstoday Ltd. Financial terms weren’t announced. Axsesstoday provides equipment finance solutions to small and medium businesses in Australia.
Cerberus Signs Agreement to Acquire Axsesstoday
September 09, 2019 04:30 PM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–Cerberus Capital Management, L.P. and its affiliates (collectively, “Cerberus”), a global leader in alternative investing, is pleased to have executed a Deed of Company Arrangement related to certain subsidiaries of Axsesstoday Limited (“Axsesstoday” or the “Company”), a provider of equipment finance solutions to small and medium businesses in Australia. Upon closing of the transaction, Axsesstoday will operate as a privately held company, majority-owned by Cerberus.
“Axsesstoday is a recognized specialist lender for commercial equipment for businesses across Australia,” commented Lee Millstein, President of Cerberus Global Investments. “We look forward to leveraging our industry expertise, operating experience, and financial resources to expand the Company’s platform. Together with the Axsesstoday team, we are confident we will be able to strengthen the Company, capitalize on growth opportunities, and meet the equipment financing needs of customers.”
The partnership between Cerberus and the Axsesstoday management team will represent Cerberus’ second successful acquisition in Australia. In 2018, Cerberus acquired Bluestone Mortgages, a leading specialist mortgage lending and servicing business with operations in Australia, New Zealand, and the Philippines.
The transaction is expected to close by the end of September 2019.
Founded in 1992, Cerberus is a global leader in alternative investing with over $40 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
Axsesstoday is a specialist provider of funding solutions for small to medium sized enterprises (SMEs) in the hospitality, transport, and other sectors. Since commencing operations in 2012, the Company has provided a compelling and differentiated value proposition for merchants to offer finance to their end customers for their business critical equipment needs.