PCF Group PLC - PCF to Acquire Azule Limited
("PCF", the "Company" or the "Group")
PCF to Acquire Azule, a
In line with the Company's strategy to grow both organically and by acquisition, PCF is pleased to announce that its wholly-owned subsidiary,
Azule is a
The Acquisition offers revenue synergies with the Company's existing asset finance operations, given Azule's focus on a niche class of business-critical assets with strong collateral characteristics and lending to prime credit grade customers. For the year ended
The Acquisition provides for an initial consideration of c.
The initial cash consideration will be funded by the Company's existing cash and capital resources and the issue of the Consideration Shares is within the authorities granted to the Company at the Annual General Meeting held on
The Acquisition is subject to
· Strong vendor relationships with leading broadcast and media equipment manufacturers
· A team of 17 sales and finance professionals
· A capability to originate over
· A history of strong profitability with most recent annual profits being
· Immediate funding synergies with
· Leasehold offices located in Datchet,
· The effective date of the Acquisition will be
· A new asset class within PCF's existing asset finance market
· A new route to market through direct vendor channels
· Potential of a European distribution channel for vendor relationships
· Synergies with existing infrastructure, expertise and finance products
· Experienced team in-situ
· Meaningful contribution to the Company's target
· Meets target key performance criteria for return on equity and profitability
· Management and business are a good cultural fit
The Company will announce a full year trading update on the earlier of the
"Our acquisition strategy is focused on the diversification of both our asset classes and routes to market. Azule ticks both boxes and is immediately earnings enhancing.
"The acquisition of Azule is a clear demonstration of the mutual advantages offered by the acquisition of an established asset finance business by PCF. As part of
"We are very pleased to welcome Azule to the Group - they are an impressive team and will contribute significantly to PCF."
"We are delighted to become a part of PCF. Azule has been a very successful business to date and the advantages we gain as part of a larger group will propel the business into its next phase of growth."
- end -
For further information, please contact:
Tel: +44 (0) 20 7222 2426
Tel: +44 (0) 20 7920 3150
Tel: +44 (0) 20 7886 2500
Tel: +44 (0) 20 7601 6100
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Established in 1994,
• Consumer Finance which provides finance for motor vehicles to consumers; and
• Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a track record of strong financial performance and an efficient and scalable business model, with significant room to grow. Utilising its technologically advanced platform, the Bank provides both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.
For media enquiries please contact [email protected]
This information is provided by RNS, the news service of the
Quick facts: PCF Group Plc
Market Cap: £89.45 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE