CHAMP Private Equity, an Australian affiliate of New York firm Castle Harlan, has acquired two lease-financing companies for an undisclosed amount.
Castle Harlan, Inc., the New York private equity investment company, announced today that CHAMP Private Equity, its Australian affiliate, has acquired two companies involved in the operating lease market in Australia and New Zealand.
One of the companies, Alleasing Pty Ltd, is the largest independent equipment finance business in the two countries. It provides financing for small-ticket operating leases for corporate and government customers with a focus on information technology, communications and medical equipment.
Alleasing currently has A$1.3 billion of funded assets for 23,000 clients. It has offices throughout the area it serves.
The other company acquired by CHAMP, Integrated Asset Management Pty Ltd, is a boutique equipment finance business in Australia that operates in the same key sectors as Alleasing. It has a portfolio of A$120 million in assets and more than 2,000 clients.
CHAMP said it planned to merge Integrated Asset Management into Alleasing, enabling the combined enterprise to compete strongly in existing markets and develop new opportunities to finance operating leases.
Terms of the transaction, done by the CHAMP II Funds, were not disclosed.
The managements of the two companies also hold ownership stakes.