Truro-based vehicle finance provider, Ignition Credit, has been acquired by European fund manager, STAR Capital Partners.
The company will continue to be run by its existing management team consisting of Alan Tutte, Steve Hunt and Paul Caunter, who, as part of the transaction, will become investors in STAR Asset Finance.
Sam Geneen, chairman of STAR Asset Finance, said: “Ignition represents a highly attractive business with a strong track record of profitable growth and an impressive management team.
“In addition to expanding our geographical reach, the company further extends our financing capabilities for SMEs by creating a focused offering for plant and machinery as well as vehicles. We welcome Alan, Steve and Paul and look forward to working together.”