Asset finance company Maxxia has acquired car finance broker Eurodrive.
European Vehicle Contracts Ltd which trades as Eurodrive Motor Finance, joins the group of companies owned by McMillan Shakespeare (MSL), an Australian listed company.
The deal forms part of MSL’s growth strategy in the UK and follows the acquisition of CLM Fleet Management in 2013 and, more recently, Anglo Scottish Asset Finance in 2015.
Newcastle-upon-Tyne based Eurodrive operates through a network of 400 franchised and independent new and used car dealers, mainly from Central Scotland to South Yorkshire.
The business was founded in 2008 by Stephen Dixon and Derek Goodsir who are active in the business today as Managing Director and CFO respectively, and who will remain with the business. It currently employs 33 staff.
With a large portfolio of funder relationships and a dealer-focused technology platform, Eurodrive delivers fast and efficient vehicle finance to personal and small business customers. One of a number of key factors in the successful growth of the business is its bespoke and on-line proposal, quotation and management information system, branded EuroDealer.
Roger Skinner, CEO of Maxxia, said: “Eurodrive is a perfect addition to our business and a key part of our growth plans. The acquisition of Eurodrive provides us with entry to the dealer point of sale consumer finance market and is complementary to our existing asset finance business.
“The Eurodrive team has deep market knowledge in the dealer-facing finance arena and we intend to expand on its already established network across the UK. This new relationship will further enhance our position as the trusted partner for asset financing.
”The acquisition will involve minimal disruption to Eurodrive’s business as the senior management team will continue to run and manage the business and, from a dealer and customer experience perspective, it will be very much business as usual.”
Stephen Dixon, managing director at Eurodrive, continued: “We are delighted to be joining the Maxxia group of companies at this stage in our development. The connection to Maxxia will enable us to improve our offering in a number of areas where Maxxia has significant strength and the extension of our business, both in terms of products and geography, will afford greater opportunities for Eurodrive staff and customers alike.
“I personally am very excited about the opportunities this new ownership brings. We are very proud of the business we have created and considered a number of options that would enable us to take the business to the next phase of our ambitious growth plans. We have worked hard to find the right business partners, and now with Maxxia that has resulted in an outcome that is great news for our customers, employees and dealers.”