Ashcombe Advisers is pleased to announce that it has advised Asset Advantage, a leading SME leasing business, on raising a senior secured financing facility from Commerzbank AG which benefits from a guarantee by the European Investment Fund ("EIF"). It is the second debt financing of this kind that Commerzbank and the EIF have arranged for a UK leasing business. It is intended that the facility will ultimately be refinanced via a conduit securitisation.
Asset Advantage Group is an established asset finance business providing finance leases, hire purchase and loan products for business-critical equipment to SMEs in the UK. The group was established in 1994, and the SME leasing activities in 2007. Since then it has advanced more than £50m p.a. of financing to UK companies.
Jonathan Eddy, majority shareholder and managing director, said: "The Commerzbank financing will allow our firm to grow well beyond the capacity that can be supported by conventional funding sources. We have worked with Ashcombe for five years to identify an optimal funding solution for the business and I am pleased that this has now been achieved."
Since 2014, Ashcombe has now completed 22 financial services transactions with an aggregate value of approximately £4bn.