SME finance provider 1pm has acquired Tracx Finance, the owner of invoice finance provider Gener8 Finance for £5.25m (€6.15m) in cash.
1pm issued shares to raise £13m (€15.2m) through a share issue, to fund its acquisition of Tracx Finance and another potential takeover.
The finance provider said it intends to use the remaining funds for a further possible acquisition, and to strengthen its balance sheet.
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The acquisition marks the third for 1pm in the past few months, after taking ownership of Intelligent Financing in March, and Bell Finance in April.
1pm established a commercial finance division, and has proposed the appointment of Edward Rimmer as managing director, and chief executive of Gener8 Finance on completion of the deal.
Ian Smith, 1pm’s chief executive officer, said: “The successful fundraising to fund both the acquisition of Tracx Finance and the possible second acquisition and the establishment of our new commercial finance division, together represent an important milestone in the ongoing development of the group and demonstrates the implementation of a key element of the Group’s stated strategic plan.”
Edward Rimmer, proposed managing director of the commercial finance division, said: “The division will help to significantly expand the group’s business both by pursuing a wider range of new customers with a more diversified suite of products and by maximising cross-selling opportunities across the Group’s other two divisions.”
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